Binance Adopts Soulbound Tokens on BNB Chain
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Main page News, Blockchain, Binance, NFT
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8 September

Cryptocurrency exchange Binance has issued the very first soul-bound token on the BNB Chain (formerly Binance Smart Chain) network as proof of identity.

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The new token called binance account bound (BAB) is issued for those Binance users who have completed KYC verification, on 2022-09-08 at 09:00 (UTC), the exchange said in a blog announcement Thursday. Binance says users can mint BAB tokens on the network and participate in "building multiple projects and earn rewards." After a token is minted, it's not transferable, but can be revoked, Binance explained.

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Soul-bound tokens were first described by Ethereum Co-Founder, Vitalik Buterin, in his blog in January 2022. Such non-transferable NFTs could potentially help represent an identity in Web3 and open a "much wider door to blockchains being at the center of ecosystems that are collaborative and fun, and not just about money," Buterin said at the time.

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