Binance’s pilot project introduces the first-ever Soulbound Token (SBT) built on BNB Smart Chain. Concerning the concept of a “decentralized society”, the token–Binance Account Bound (BAB) will certify the user’s verified status (KYC) on Binance.
What is the Binance Account Bound (BAB) token?
The Binance Account Bound (BAB) which is the first-ever Soulbound Token (SBT) built on BNB, is a non-transferable and non-financialized unique token that can only be minted upon completion of Know Your Customer (KYC).
What do you need to know about the BAB token?
- BAB will be available only through the Binance mobile app.
- As a Binance identity, BAB can be used and verified by third-party protocols to eliminate issues with airdrops and even bots.
Vitalik Buterin, the co-founder of Ethereum, along with E. Glen Weyl and Puja Ohlhaver, gave us a thorough explanation of Decentralised Society (DeSoc) and Soulbound tokens (SBTs). And BAB is aimed at a wide range of DeSoc use cases.
Binance’s recent AML measures reportedly cost it billions in revenue, as three key members of the exchange’s investigations team opened up about dealing with fraud, money laundering, and terrorist financing.
