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Table Of Contents
Binance Coin (BNB) tokens are the native token of the Binance exchange. Since BNB tokens offer discounts to Binance exchange fees. We recommend non-USA customers BNB tokens directly on the Binance exchange.
What is Binance Coin (BNB)?
Binance Coin or ‘BNB’, is a cryptocurrency developed and released by the world’s leading cryptocurrency exchange, Binance.
What does it do?
While Binance is a wildly popular exchange, the company is looking to expand its operations to include a variety of different services. Binance Coin was created to serve this entire ecosystem.
For the time being, the vast majority of users utilize BNB to pay various fees. While fees can be paid for with other assets, utilizing BNB provides its users with discounts on said fees.
Despite being primarily used as a means to pay fees on the Binance exchange, BNB’s structuring as a cryptocurrency allows for it to facilitate everyday transactions similar to coins like Bitcoin, Litecoin, and more.
How does Binance Coin (BNB) work?
Binance Coin is structured as an ERC-20 token. This means that it is built using solidity as a coding language, and operates atop the Ethereum blockchain.
The token itself was distributed in a past ICO and is limited to a total of 200 billion BNB. This total will eventually become static at 100 billion BNB, as Binance intends to routinely ‘burn’ tokens on a quarterly basis. To date, Binance has undergone 6 separate burn cycles.
Currently structured atop the Ethereum network, Binance Coin will soon be revamped. The team at Binance has indicated that BNB will soon transition away from the Ethereum network, and onto their own self-titled blockchain, Binance Chain. No exact timeline has been given for this transition.
Binance Coin appears to be free of an underlying ideology. Its existence is solely as a means for Binance to capture a greater percentage of fees associated with the trading, listing, etc., of cryptocurrencies.
Acceptance and Controversies?
Due to the popularity of Binance exchange, Binance Coin has grown along with it. This adoption has resulted in a need for custodial options, with a bevy of wallet services now supporting the asset.
Beyond custodial support, Binance coin has seen modest adoption from various companies affiliated with Binance exchange. These affiliations open up the opportunity for BNB to be used for travel expenses, bill payments, investments, and more.
Throughout its short lifecycle, Binance Coin has remained relatively free of controversy. While there have been instances in which traders suspect market manipulation involving BNB, this is no different than most other cryptocurrencies. Where concern arises, is the potential for BNB to be viewed as a security. If this were found to be the case, there would be serious ramifications for Binance and BNB.
Binance CEO, Changpeng Zhao, has stated that BNB is not a security and that various regulatory bodies have made this distinction based on its unique attributes.
In North America however, there has been little to no commentary made regarding BNB by actual regulators. Despite how BNB is treated in certain parts of the world, there remains a risk that the regulators such as the SEC will deem the asset a security. The simple fact that the token was sold via ICO and that Binance directly controls and profits from BNB, puts it at risk.
Furthermore, it is believed that many of its users view holding BNB as an investment, due to the potential for deflation as a result of its quarterly coin burns.
The bottom line is, there has been no official statement one way or another on the regulatory status of BNB within North America.
Who Made It?
Binance Coin was created by developers at Binance Exchange in 2017.
We list the top 6 exchanges that offer the ability to buy Binance (BNB) cryptocurrency with a credit card, debit card, or Bitcoin (BTC).
How to Buy Binance Coin (BNB) in 4 Steps
The whole process can take as little as 10 minutes, and all you'll need is a smartphone or computer, photo identification, and a means of payment.
- Compare Crypto Exchanges – We list the top cryptocurrency exchanges that offer the ability to buy Binance Coin (BNB) cryptocurrency.
- Create an account – Verify your email address and identity.
- Make a deposit – Debit Card, Credit Card, Wire Transfer, or Bitcoin.
- Buy Binance Coin – Use your funds to Buy BNB.
Paybis is designed for simplicity and is an extremely trustworthy starting point for buying Binance Coin (BNB) and other cryptocurrencies. This exchange has been operating since 2014 and has assisted numerous traders in beginning their crypto trading journey, offering the convenience of purchasing with just a credit or debit card. Unlike other exchanges where you buy tokens from other users, with Paybis you purchase directly from the exchange, making the process much simpler and smoother.
Paybis is a truly global company offering services to residents from 180+ countries including Canada, Europe, UK, & USA.
The fees you will encounter here are good value and competitive with others in the sector depending on the payment method you use.
FinCEN Department of the Treasury, United States of America Money Service Business Registration: 31000224635628.
Binance is one of the largest and most well-known cryptocurrency exchanges in the world. The benefits of purchasing BNB (BNB) at Binance are lower fees than competing exchanges and increased liquidity which will enable you to buy and sell quickly to take advantage of market-moving news.
It also makes sense to buy and trade the token here as you will receive the benefits of the BNB token such as discounts on trading fees.
USA residents can trade over 150+ digital assets, and international residents including Australia, Singapore, and UK can trade over 350+ digital assets. Canadian Residents are Prohibited.
Discount Code: EE59L0QP for 10% cashback on all trading fees for non-USA residents. USA residents: Trade $100 & Earn $10 in 30 days after account registration.
KuCoin is a well-known name in the industry, and one of the most competitive when it comes to fees and trading costs. The exchange has grown exponentially from its early days of offering only crypto to crypto trading. It now offers a varied range of services including a P2P exchange capability, and purchasing with credit or debit cards.
KuCoin currently offers Binance (BNB) cryptocurrency trading as well as over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens.
USA residents are prohibited.
4. Huobi Global
Established in 2013, Huobi Global has since become one of the world’s largest digital asset exchanges, with an accumulated trading volume of US $1 trillion. Having once accounted for half of the world’s digital asset transactions, Huobi now serves more than 5 million users in over 130 countries around the globe. It should be noted that Huobi Global currently does not accept USA or Canadian residents.
Huobi Global is one of the top exchanges that currently offer Binance (BNB) trading opportunities.
Daniel is a big proponent of how blockchain will eventually disrupt big finance. He breathes technology and lives to try new gadgets.
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