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. KYC is an acronym for know your customer, but it could also mean know your client. 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.īinance 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. However, this news did not significantly impact the Binance (BNB) price, as the token currently trades at 244.59, marking a 0.65 increase in the last 24 hours. Binance Account Bound (BAB), The New Binance Token For KYC Verified Users Reuters reported that Telegram messages suggested that Binance CEO Changpeng CZ Zhao ignored calls from compliance officers over a loose KYC and anti-money-laundering (AML) policy. 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.
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