Simultaneously, Binance is preparing to exit the Netherlands after failing to secure a virtual asset service provider (VASP) license, the company explained in a blog post on June 16. Final thoughtsįor the web3 ecosystem, BAB is a significant advancement since it showcases some of the first real-world use cases of the soulbound tokens, which were first introduced as a conceptual idea by Vitalik Buterin.Binance, the world’s largest cryptocurrency exchange, is facing mounting regulatory challenges in Europe and the United States in the aftermath of the United States Securities and Exchange Commission (SEC) filing a civil lawsuit against the company on June 5.įrench authorities are investigating the company for alleged “aggravated money laundering” and other illegal activities related to digital asset services, according to Le Monde. Since you lose access to your wallet in such a case, all you can do is cancel the existing token and create a new one by revoking it, as explained above. Revoking is also necessary for the unfortunate event of losing your wallet’s private keys. After that, you can mint a new BAB token by connecting the wallet where you want to store it. There’s, however, a lock period of 72 hours. BAB holders can do this by going to the “revoke BAB token” page on the Binance App and following the instructions. But what if you like to transfer it between your own wallets?īinance devised a solution for this by allowing the owner to cancel the existing tokens and create a new one.
Since BAB is a soulbound token, i.e., non-transferable, you can’t send it to others. You should select BNB Smart Chain as the network in your wallet to view the token. In the case of BAB, if you want to use a third-party wallet, it must support NFTs on BSC. You need an NFT-compatible crypto wallet to view them. Remember that soulbound tokens are, in essence, NFTs. Your Binance Account Bound token will be issued to the wallet you connected while minting. Binance deducts this gas fee from your spot wallet during the minting process. Note also that minting requires gas fees which, at the time of writing, equals approximately 1 BUSD, Binance’s stablecoin pegged 1:1 to USD. Other requirements for minting are connecting a Binance Smart Chain (BSC) compatible wallet and verifying wallet ownership. Since it serves as proof of identity, you can only mint one token. Once verified, you can mint BAB directly on Binance App.
#Binance news letter verification
You are eligible to mint BAB only if you’ve already completed the verification process. You can follow the new partnerships on the Binance announcement page. Other BAB partners include the metaverse platforms Ultiverse and P12, as well as play-to-earn game Summoner’s Arena, NFT art platform Liveart, GameFi platforms Tiny World and the Harvest, also MathWallet and OpenOcean. In addition, BAB will function as a POAP (proof of attendance protocol) for live events. CyberConnect, a decentralized social graph protocol, will leverage BAB tokens to signify that the linked social media profile belongs to a real person, not a bot.X World Games will gift a one-time airdrop for logging into each game.The credentials infrastructure Galxe will add BAB holders to its database to strengthen protection against sybil attacks.The decentralized marketplace PearDao will distribute GameFi tokens that grant access to voting rights, exclusive NFT mints, and higher trading limits.The cryptocurrency exchange ApolloX will introduce a reward program.
The Defi hub ApeSwap will set up a claimable NFT raffle.For now, 14 projects will adopt BAB tokens and provide perks exclusively to the holders. Why should you mint Binance Account Bound token?Īs a BAB holder, you can participate in building the supporting projects and, in exchange, earn rewards. As a result, they’re used in applications where proof of identity is crucial, for example, in the case of educational credentials.īAB owners can prove that they’re verified Binance users because only those who passed the identity verification process can mint it. Soulbound tokens are non-transferable NFTs as such, they’re unique and permanently attached to their owners. It goes by the name Binance Account Bound (BAB). The cryptocurrency exchange Binance launched its first-ever soulbound token on the BNB Chain on the 8th of September, 2022.
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