Binance Coin Binance Coin

$597.29 -1.89% BNB
Volume (24h)
$189,377,857
24h High
$603.21
24h Low
$577.24
Circulating Market Cap
$79,902,392,145
Total Market Cap
$79,902,392,145
Bid / Ask
$585.96 / $586.02
24h Trades
632,150

What is Binance Coin (BNB)?

Binance Coin (BNB) is the native utility token of the Binance ecosystem, introduced in July 2017 through an Initial Coin Offering (ICO). Initially, BNB was launched as an ERC-20 token on the Ethereum blockchain with a total supply of 200 million tokens. In 2019, BNB transitioned to Binance's proprietary blockchain, the BNB Chain, which supports fast transactions, decentralised applications (DApps), and smart contracts. The BNB Chain consists of two key components: BNB Beacon Chain (formerly Binance Chain), used for governance and staking, and BNB Smart Chain (BSC), which supports smart contracts.

BNB has a maximum supply of 200 million tokens, but this number has been gradually decreasing through Binance's quarterly coin burns, a process that destroys a portion of BNB to reduce supply and potentially increase its value. A security breach in 2022, known as the BNB Chain Bridge Incident, resulted in the minting of an additional 2 million BNB tokens.

What is Binance Coin (BNB) used for?

BNB is primarily used to facilitate transactions within the Binance ecosystem. Some key uses include:

  • Reduced trading fees: Users can benefit from discounted fees on the Binance exchange when paying with BNB.
  • Transaction fees: BNB is used for transaction fees on both the Binance DEX and the BNB Smart Chain.
  • Payments: BNB can be used to pay for goods and services online and offline, via Binance Pay or the Binance Card.
  • DeFi & NFTs: BNB is utilised in DeFi as collateral, staking, and liquidity provision, as well as for buying and trading NFTs.
  • Travel: BNB is accepted by platforms like Travala.com for hotel and flight bookings.
  • Token Sales: BNB is used on Binance Launchpad to participate in token sales and Initial Exchange Offerings (IEOs).

How does BNB work?

The BNB Chain operates on a Proof-of-Staked Authority (PoSA) consensus mechanism, a hybrid model that balances high transaction speed with network security. 

Unlike Ethereum, which relies on over a million validators, BNB Chain utilizes a smaller, highly efficient set of active validators (expanded from the original 21 to over 40 active validators plus candidates). This streamlined structure allows the network to achieve extremely fast block times of roughly 0.75 seconds and significantly lower fees, albeit with a different centralization profile than Ethereum.

Historically, BNB evolved from a dual-chain system. However, the BNB Chain Fusion (completed in late 2024) merged the Beacon Chain’s governance functions directly onto the BNB Smart Chain (BSC). Today, the network operates as a single, high-performance blockchain where staking, governance, and smart contracts coexist seamlessly.

  • Token Utility:
    • Users paying with BNB on the Binance exchange receive a 25% discount on spot trading fees and a 10% discount on futures trading.
    • BNB is the native fuel for transactions on the BNB Chain and serves as the governance token, allowing holders to vote on network upgrades and yield parameters.
  • Deflationary Mechanisms:BNB adheres to a strict "Auto-Burn" system designed to reduce the total supply to 100 million tokens.
    • Quarterly Auto-Burn: An algorithmic protocol automatically destroys a portion of BNB every quarter based on the token's price and network activity (e.g., the 34th burn in Jan 2026 removed ~1.37 million BNB).
    • Real-Time Burn (BEP-95): A portion of gas fees from every block is instantly burned, ensuring constant deflationary pressure.

The Binance Ecosystem

The Binance ecosystem includes several key components, all powered by BNB:

  1. Binance Exchange: One of the world’s largest cryptocurrency exchanges, offering spot, margin, and futures trading.
  2. Binance Smart Chain (BSC): A parallel blockchain to the BNB Beacon Chain, supporting DApps, smart contracts, and decentralised finance (DeFi) applications.
  3. Binance DEX: A decentralised exchange enabling users to trade cryptocurrencies directly from their wallets.
  4. DeFi and NFTs: BNB supports various decentralised applications, providing liquidity, staking, and collateral services, as well as facilitating the trading of NFTs.
  5. Binance Launchpad: A platform for launching new token projects and raising funds via token sales.

Key Events and Management

Binance was founded by Changpeng Zhao (known as "CZ"), a serial tech entrepreneur who previously led development at Bloomberg Tradebook. While CZ served as the face of the company for its first six years, the exchange underwent a historic leadership transition in November 2023. Following a $4.3 billion settlement with the U.S. Department of Justice, one of the largest penalties ever obtained from a corporate defendant, CZ stepped down as CEO and was succeeded by Richard Teng, a former regulator with the Monetary Authority of Singapore and Abu Dhabi Global Market.

  • Current Leadership (2025-2026):
    • Richard Teng (Co-CEO): Teng initially took the helm to steer the company toward institutional maturity and regulatory compliance.
    • Yi He (Co-CEO): In late 2025, co-founder Yi He was officially appointed Co-CEO alongside Teng. Previously the Chief Customer Officer, she has been instrumental in driving the company's business strategy and marketing since inception.
    • In 2024, Binance formed its first formal Board of Directors, which includes Teng, Yi He, and long-serving CTO Roger Wang, to oversee governance and auditability.
  • Technical Evolution:
    • 2019: BNB moved off Ethereum in April 2019 to the proprietary Binance Chain.
    • 2022: The ecosystem was rebranded to BNB Chain, distinguishing the blockchain from the centralized exchange.
    • 2024: In a major technical overhaul known as the "BNB Chain Fusion," the network sunsetted the original BNB Beacon Chain (BEP-2) in November 2024. This consolidated all functions onto the BNB Smart Chain (BSC), effectively removing the dual-chain structure to improve efficiency and security.
    • 2025: Recent upgrades (such as the "Maxwell" hard fork) have reduced block times to roughly 0.75 seconds, positioning BNB Chain for high-frequency trading and gaming applications.

BNB Price

As of January 2026, BNB’s all-time highest price was $1,369.99, recorded on October 12, 2025. The token's price history is defined by three distinct eras of adoption and regulatory evolution:

1. The Utility & DeFi Boom (2017–2021)

Binance originally launched BNB in July 2017 via an Initial Coin Offering (ICO) at roughly $0.10 per token. For its first three years, the price was driven primarily by its utility as a discount token for trading fees on the Binance Exchange.

  • In late 2020, the launch of Binance Smart Chain (now BNB Smart Chain) introduced smart contracts to the ecosystem. This sparked a massive rally in 2021 as the popularity of decentralized finance (DeFi) surged. BNB hit its first major peak of $686.31 in May 2021, driven by users needing BNB to pay transaction fees for dApps and decentralized exchanges (DEXs).

2. The Regulatory Test & Resilience (2022–2023)

Following the 2021 peak, BNB faced significant headwinds during the "crypto winter" of 2022, dropping to the $200–$300 range.

  • The critical turning point came in November 2023, when Binance reached a $4.3 billion settlement with the U.S. Department of Justice, and founder Changpeng "CZ" Zhao stepped down as CEO. While initially volatile, this event removed a long-standing "regulatory overhang" from the asset. The price showed remarkable resilience, holding above key support levels as investors viewed the settlement as a de-risking event for the ecosystem.

3. The Institutional Breakout (2024–2026)

From 2024 to early 2026, BNB entered a new growth phase characterized by institutional interest and shrinking supply.

  • BNB broke its 2021 record in June 2024, but the most explosive growth occurred in late 2025. This rally to $1,370 was fueled by the "supply shock" from the automated burn program—which reduced total supply to ~136 million—and new corporate demand, such as CEA Industries disclosing large treasury holdings of BNB.
  • Recent network upgrades, such as the Fermi hard fork in January 2026 (which reduced block times to 0.45 seconds), have continued to keep the network competitive against newer chains, supporting the price around the $900–$950 level.

Tokenomics & Burning Effect

BNB price is structurally supported by its deflationary mechanic. The BNB Auto-Burn system removes tokens from circulation quarterly based on the price and the number of blocks produced. Additionally, the BEP-95 mechanism burns a portion of gas fees in real-time. As of early 2026, these mechanisms have reduced the initial 200 million supply down to approximately 136 million BNB, effectively increasing the scarcity of the remaining tokens.

Who created Binance Coin (BNB)?

BNB was created by Changpeng Zhao (CZ), a former Bloomberg futures trading platform developer, who launched the Binance exchange in 2017. The original BNB token sale raised nearly $10 million in ETH. CZ stepped down as CEO of Binance in November 2023 as part of a U.S. Department of Justice settlement. He was succeeded by Richard Teng, who now leads the company with a focus on regulatory compliance and institutional engagement.