Fellow Binancians,
Binance is launching the Binance Account Bound (BAB) token, a soul-bound token used as proof of identity for Binance users who have completed KYC verification, on 2022-09-08 at 09:00 (UTC). Users will be able to mint BAB tokens on BNB Chain as identity credentials, and participate in building multiple projects and earn rewards.
About BAB Tokens:
Binance Account Bound (BAB) tokens are identity credentials for Binance users who completed KYC verification. It will first be issued on the BNB Chain by Binance. A couple of projects on BNB Chain will be introducing the BAB tokens as identity credentials to their communities. Once a verified Binance user creates a BAB token, the user will be able to participate in building the supporting projects on the chain and receive rewards. Details will be announced by BNB Chain at a later date.
Features of the BAB Tokens:
- Non-transferable: Users cannot transfer BAB tokens to other users.
- Revocable: Users can revoke their BAB tokens.
- Unique: One verified Binance user ID allows the user to mint one BAB token only on a certain chain.
Note:
- All Binance users who have completed KYC verification will be able to mint their unique BAB tokens.
- If you have not yet downloaded the Binance App, please click here to do so.
- Gas fee applies whilst minting BAB tokens, which will be deducted from the user's Funding or Spot Wallet on Binance. The initial gas fee is fixed at 1 BUSD.
- Users may revoke their minted BAB tokens, after which there will be a 72-hour lock period. Users may mint new BAB tokens after the lock period.
- BAB tokens will be displayed on users’ on-chain wallet addresses.
Guides
- How to Mint BAB Tokens
- How to Complete KYC
- How to Create a Wallet Address
- How to View and Revoke BAB Tokens
Thanks for your support!
Binance Team
2022-09-08
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Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
Disclaimer: BAB Token is a non-fungible token issued by Binance characterized as a soulbound token. Getting a BAB Token is optional for Binance users and it is not, and is not intended as, an invitation, inducement, or requirement to use any products or services offered by Binance. Binance's role is limited to issuing (upon request) the BAB Token for users who have completed identity verification procedures for their Binance account, which may vary depending on the user's country of residence. Third-party projects such as decentralized protocols, decentralized autonomous organizations, or decentralized applications have sole authority and discretion to decide whether or not to use BAB Token and the purposes for which they will use it, without any involvement of Binance. Use of BAB Tokens by third-party projects in any way should not be construed as a recommendation, vetting, or endorsement of such third-party projects by Binance, BNB Chain, or any other affiliated entity. ALWAYS DO YOUR OWN RESEARCH - you are solely responsible for your investment decisions and your use of any third-party projects using BAB Token is at your own risk.
Disclaimer: BAB Token is a non-fungible token issued by Binance characterized as a soulbound token. Getting a BAB Token is optional for Binance users and it is not, and is not intended as, an invitation, inducement, or requirement to use any products or services offered by Binance. Binance's role is limited to issuing (upon request) the BAB Token for users who have completed identity verification procedures for their Binance account, which may vary depending on the user's country of residence. Third-party projects such as decentralized protocols, decentralized autonomous organizations, or decentralized applications have sole authority and discretion to decide whether or not to use BAB Token and the purposes for which they will use it, without any involvement of Binance. Use of BAB Tokens by third-party projects in any way should not be construed as a recommendation, vetting, or endorsement of such third-party projects by Binance, BNB Chain, or any other affiliated entity. ALWAYS DO YOUR OWN RESEARCH - you are solely responsible for your investment decisions and your use of any third-party projects using BAB Token is at your own risk.