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Binance Launches Multi-Platform KYC Proof TokenAna Eiterer,
Binance, the world's largest cryptocurrency exchange, has recently announced the launch of the Binance Account Bound Token (BABT). This token addresses one of the most complex challenges in the sector: on-chain identity.
According to the announcement, BABT aims to offer a solution that ensures identity verification for users who have completed the Know Your Customer (KYC) procedure. This token can be used on various cryptocurrency and decentralized finance (DeFi) platforms, including mixers.
The BABT is a type of Soulbound Token (SBT), an idea originally proposed by Vitalik Buterin, the creator of Ethereum. SBTs are non-transferable tokens that represent the identity and achievements of users in the Web3 ecosystem.
Furthermore, the BABT has three main properties: it is non-transferable between individuals, cannot be transferred between addresses of the same person, and can be revoked by Binance. However, it can be re-minted within 72 hours after revocation.
Binance's Solution Promises to Revolutionize Identification in the Crypto Sector
The need for a reliable identity verification system has been a priority for Binance and other exchanges. The creation of BABT demonstrates the company's commitment to working with legislators to enforce KYC/AML regulations while utilizing blockchain technology to ensure the security and efficiency of the process. However, it also shows the company's dedication to bringing simpler solutions to users.
#CryptoNews🚀🔥 #BinanceTurns7 #binance
Binance, the world's largest cryptocurrency exchange, has recently announced the launch of the Binance Account Bound Token (BABT). This token addresses one of the most complex challenges in the sector: on-chain identity.
According to the announcement, BABT aims to offer a solution that ensures identity verification for users who have completed the Know Your Customer (KYC) procedure. This token can be used on various cryptocurrency and decentralized finance (DeFi) platforms, including mixers.
The BABT is a type of Soulbound Token (SBT), an idea originally proposed by Vitalik Buterin, the creator of Ethereum. SBTs are non-transferable tokens that represent the identity and achievements of users in the Web3 ecosystem.
Furthermore, the BABT has three main properties: it is non-transferable between individuals, cannot be transferred between addresses of the same person, and can be revoked by Binance. However, it can be re-minted within 72 hours after revocation.
Binance's Solution Promises to Revolutionize Identification in the Crypto Sector
The need for a reliable identity verification system has been a priority for Binance and other exchanges. The creation of BABT demonstrates the company's commitment to working with legislators to enforce KYC/AML regulations while utilizing blockchain technology to ensure the security and efficiency of the process. However, it also shows the company's dedication to bringing simpler solutions to users.
#CryptoNews🚀🔥 #BinanceTurns7 #binance
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