Binance Launches A New Crypto For Users With Verified KYC

Binance Account Bound (BAB)

✍️ 8 September, 2022 - 13:53 👤 Editor: Jakub Motyka

Binance has launched a new cryptocurrency, but it is not a crypto similar to anything you have surely seen so far. It is Binance Account Bound (BAB), a token that are currently starting to receive through an airdrop the users with a valid KYC (Know Your Customer) verification.

The KYC (Know Your Customer) verification of Binance is a process through which users are required to provide legal documents to prove their identity, something that today any centralized exchange must comply with in order to operate in most countries in the world.

Binance Account Bound (BAB), The New Binance Token For KYC Verified Users

In a strange move for the crypto community, Binance has announced the launch of the Binance Account Bound (BAB) token, a crypto that belongs to the category Soulbound Token, or SBT, and that will serve as proof of identity for the users who have completed their KYC verification.

Binance Account Bound (BAB) is going to be launched on the BNB Chain blockchain of Binance, and from the exchange they assure that there are already several projects that are going to use the BAB token as an identity credential in their community.

Once a user receives their BAB verification token on Binance, they can use it to participate in the creation and construction of new projects on the BNB blockchain, as well as there will also be more uses to be announced soon.

Soulbound Token, Or SBT, A New Category of Token For A Decentralized Society By Vitalik Buterin

The Souldbound Token, or SBT, are a type of token non-transferable and non-fundable that Vitalik Buterin, the founder of Ethereum (ETH), proposed some time ago to create a decentralized company. These are tokens that have been created specifically to identify people within the crypto universe.

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Juan Pais

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