Crypto-giant exchange Binance introduced a new product – Binance Account Bound (BAB) identification tokens. Starting from now, they will be issued to all users who have registered and passed KYC verification. The token will store credentials on the BNB network. Essentially, this will allow for “seamless” use of all products in the decentralized ecosystem. The BAB will also allow you to participate in the creation of special projects and receive rewards for doing so. Details on these projects the exchange will give later.
Features of Binance Account Bound (BAB) coins
- As it is an identity token, it cannot be sent to other users.
- BAB will be displayed in the user’s wallet.
- Users can withdraw their coins (but they will have their account locked for 72 hours).
- The authenticity of the tokens will be tracked by the Binance ID.
- A user will only be able to create one BAB token on a certain blockchain.
Here are the guidelines on how to create your token.
As it was mentioned before, all verified users will be able to mint BAB for free. However, you need to consider the gas fee (from 1 BUSD).
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