{"id":260587,"date":"2022-09-08T12:15:54","date_gmt":"2022-09-08T11:15:54","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=260587"},"modified":"2022-09-08T12:33:39","modified_gmt":"2022-09-08T11:33:39","slug":"binance-kyc-soulbound-tokens-go-live-as-users-receive-airdrop","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/binance-kyc-soulbound-tokens-go-live-as-users-receive-airdrop\/","title":{"rendered":"Binance KYC Soulbound Tokens go live as users receive airdrop"},"content":{"rendered":"

As reported last month<\/a>, Binance is issuing a Soulbound Token (SBT) named BAB to all customers who have passed the KYC requirements on the exchange. BAB stands for Binance Account Bound.<\/p>\n

Users on Reddit<\/a> have reported that the tokens have now started to be airdropped to customers in the first SBT launch on the BNB Chain. The Reddit crypto community is unconvinced by the move suggesting that it is an “invasion of privacy” and could lead to a wave of KYC SBT being released from other exchanges.<\/p>\n

However, the token itself is, at present, fairly innocuous. The BAB token holds no data or utility other than to signify that the wallet holder has passed KYC checks through Binance. Binance announced the launch on its Twitter platform.<\/p>\n

\n

Introducing the #Binance<\/a> Account Bound BAB Token, the first-ever Soulbound Token on @BNBCHAIN<\/a>!<\/p>\n

BAB tokens are non-transferable tokens that work as identity credentials for Binance users who have completed KYC verification.<\/p>\n

Find out more \u27a1\ufe0f https:\/\/t.co\/03TKuyXZBC<\/a> pic.twitter.com\/BKSWnM4jJL<\/a><\/p>\n

— Binance (@binance) September 8, 2022<\/a><\/p><\/blockquote>\n