What is BNB?
Binance Coin (BNB) is the native cryptocurrency of the Binance network and the Binance Smart Chain. It was initially launched as an Ethereum token in 2017 but later migrated to its own network in 2019. BNB can be traded on the Binance.US exchange, but it is not available on popular U.S. cryptocurrency exchanges like Coinbase and Kraken.
How to Mine BNB
Unlike Bitcoin, BNB cannot be mined. During the initial coin offering (ICO) in 2017, a total supply of 200 million coins was issued. Instead of mining, BNB coins are regularly burned, or permanently removed from circulation, through a process called “burning.” The burning process depends on trading volume and occurs quarterly until the supply is reduced from 200 million to 100 million coins.
How to Invest in BNB
BNB is available for trading on Binance.US, but it is not widely available on other exchanges. On Binance.US, users can trade BNB against the U.S. dollar, Bitcoin, Tether (USDT), and Binance’s stablecoin BUSD. Trustwallet is recommended as the native wallet for storing BNB and other cryptocurrencies on the Binance network. Users should be cautious about their wallet keys and passwords, as losing them could lead to permanent loss of their coins.
Notable Events
In May 2021, Binance underwent an investigation by the U.S. Department of Justice, the Internal Revenue Service, and the Commodity Futures Trading Commission for potential illegal activities, including money laundering. In August 2021, the CEO of Binance.US, Brian Brooks, resigned, citing strategic direction differences. It is important to note that Binance.US operates in the United States and is not subject to the same regulatory oversight as the original Binance exchange.
Source: https://www.thebalancemoney.com/binance-coin-bnb-explained-5194799
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