"The reason we're all here is that the current financial system is outdated." -Charlie Shrem (Founder & CEO of BitInstant)
Binance Coin is the cryptocurrency issued by Binance exchange and trades with the BNB symbol. BNB was initially based on the Ethereum network but is now the native currency of Binance's own blockchain, the Binance chain. It was launched during an initial coin offering in 2017. Although 100 million Binance tokens were initially offered in the ICO, the current total supply is lower. Every quarter, Binance uses one-fifth of its profits to repurchase and permanently destroy or "burn" Binance coins held in its treasury.