Binance was founded in 2017 by Changpeng Zhao (CZ). The company was originally based in China, but moved its servers and headquarters from China to Japan in the run-up to the Chinese government’s ban on cryptocurrency trading in September 2017. On March 4, 2018, the company had opened offices in Taiwan.
In a crowdsale (ICO), Binance sold 100 million BNB (50% of the total supply). Half of the funds raised through the crowdsale were for branding and marketing Binance. About one-third of the funds were used for platform upgrades and development.
The Binance Coin can be used to save on transaction fees on Binance. If one uses the token, one saves 50% of all transaction fees in the first year. This value halves year after year until it finally drops to 0% in the fifth year.
Originally, the coin was issued as a token on Ethereum. Since then, however, Binance has created its own blockchain, called the Binance Smart Chain (BSC). It works very similarly to the Ethereum blockchain and helped the token skyrocket in the spring of 2021.
Binance conducts a so-called “coin burning” every quarter, which destroys all coins that have been used so far. With this, Binance regulates the number of coins. This burning is to be carried out until 50% of the 200 million originally issued coins are still available.