what is binance coin bnb 
binance coin is the cryptocurrency issued by the binance exchange and trades with the bnb symbol in may 2024 binance exchange was the second largest as verified by coinmarketcap cryptocurrency exchange in the world with a daily trading volume of 11 8 billion 1 binance coin bnb had a 24 hour trading volume of 1 45 billion 2on 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 on april 30 2024 zhao was sentenced to four months in prison and fined 200 million for not complying with u s anti money laundering laws as of may 11 2024 binance is operational and remains a popular cryptocurrency exchange understanding binance coin bnb the binance blockchain is built using ethereum and uses bnb as its native token it was launched during an initial coin offering ico in july 2017 and has a strict maximum of 200 million bnb tokens 3 the ico offered 10 or 20 million bnb tokens to angel investors 40 or 80 million tokens to the founding team and the remaining 50 or 100 million to the various participants almost half the funds raised during the ico process were intended to be used for binance branding and marketing while around one third were used to build the binance platform and perform necessary upgrades to the binance ecosystem on may 11 2024 bnb was the fourth largest cryptocurrency by market capitalization behind only bitcoin ethereum and usd tether 1binance coin burningevery quarter binance uses one fifth of its profits to repurchase and permanently destroy or burn bnb held in its treasury binance has regularly performed these burning events the latest bnb burn as of may 2024 was on april 24 binance burned a total of 1 94 million bnb equivalent to 670 78 million it was binance s 27th quarterly bnb burn 4binance coin uses and supportbnb was created in 2017 as a utility token for discounted trading fees since then its uses have expanded to numerous applications on a wide range of platforms it is used to pay transaction fees on binance com binance dex and binance chain it can also be used for payments at places like monetha and htc to book travel accommodations at sites such as travelbybit trip io and travala com for entertainment purposes buy music game rewards to pay for online services bittorrent canva storm and even for financial purposes take out a loan at ethlend or make investments at moeda 5as of may 2024 the binance smart chain processed as many as 3 5 million daily transactions more than double ethereum s all time high however this is down from a record of more than 32 6 million daily transactions reached in december 2023 67one can also use bnb to invest in certain icos listed through binance s launchpad program new cryptocurrencies are listed on the binance exchange which provides a seamless marketplace for trading in a variety of established and new virtual tokens 