Binance Coin (BNB) Uses, Support, and Market Cap

What Is Binance Coin (BNB)?
Binance Coin is the cryptocurrency issued by Binance exchange and trades with the BNB symbol. As of August 2023, Binance Exchange is the largest cryptocurrency exchange in the world, with a volume of $6.7 billion.
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KEY TAKEAWAYS
Binance Coin is the cryptocurrency issued by the Binance exchange and trades with the BNB symbol.
BNB was initially based on the Ethereum network but is now the native currency of Binance's own blockchain, the Binance chain.
Every quarter, Binance uses one-fifth of its profits to repurchase and permanently destroy, or "burn," Binance coins held in its treasury.
Binance was created as a utility token for discounted trading fees in 2017, but its uses have expanded to numerous applications, including payments for transaction fees (on the Binance Chain), travel bookings, entertainment, online services, and financial services.
At the time of writing, Binance Coin had a market cap of more than $36 billion and ranks behind only Bitcoin, Ethereum, and USD Tether in terms of market cap.
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On Nov. 21, 2023, Binance and its CEO, Changpeng Zhao, pleaded guilty to money laundering charges. Binance agreed to pay $4.3 billion to settle charges; Changpeng Zhao stepped down as CEO and agreed to pay $50 million toward the settlement. This came just one month after Binance paused all U.S. dollar deposits, withdrawals, and trades on Oct. 17, 2023, in response to the Securities and Exchange Commission (SEC) lawsuit filed against Binance.US on June 5, 2023.
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On June 5, the SEC charged Binance Holdings Ltd., BAM Trading Services Inc., and their founder, Changpeng Zhao, with various securities law violations. According to the SEC, the two companies, which operate Binance.US, misrepresented trading controls and oversight, operated unregistered exchanges, broker-dealers, and clearing agencies, and participated in the unregistered offer and sale of securities to U.S.-based investors.
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We are continuing to monitor the situation closely.
Understanding Binance Coin (BNB)
Binance coin initially ran on the Ethereum blockchain with ERC 20 standard but has since become the native coin of the Binance chain. It was launched during an initial coin offering (ICO) in July 2017 and has a strict maximum of 200 million BNB tokens.

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It offered 10%, or 20 million, BNB tokens to ange
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