Binance continues to go from strength to strength. Following the network upgrade, Binance’s token just surpassed 1 billion in trading volume. At the same time, the price of BNB increases by 2.04% and Binance launches Binance Account Bond (BAB) for KYC verification.
Binance: The launch of the BAB
Recently, the exchange Binance has launched the Binance Account Bond (BAB) token. This token is used to identify BNB users who have passed KYC verification. The launch of BAB was announced in a tweet. This latest update will allow users to prove they have passed identity authentication. In addition, the token will allow to create different projects and earn rewards on the platform.
Binance’s CEO indicated in a tweet that the BAB token holds no data or utility other than to signify that the wallet holder has passed Binance’s KYC checks. An important detail, at a time when regulators and supervisory authorities (AMF in France) are increasingly vigilant about these platforms, which can present a financial risk for individuals who wish to venture there.
The consequences of the BAB announcement
As a result of the BAB announcement, the price of BNB jumped 6% in just over 24 hours, making it one of the largest cryptocurrencies by market capitalization. Trading volumes have also increased by more than a billion, in correlation with the latest upgrades. The realized market value ratio (MVRV) has also increased accordingly and is expected to continue to increase in the coming days.
There is also an increase in development activity on the platform over the past couple of days. Such an increase coincides with the timing of the latest BAB upgrade. For Binance, this is a real show of force that demonstrates a responsive and consistent community. Moreover, such an impact shows how much developers are involved in improving the technical capabilities of the network.
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