2 years ago
As reported last month, Binance is issuing a Soulbound Token (SBT) named BAB to each customers who person passed the KYC requirements connected the exchange. BAB stands for Binance Account Bound.
Users connected Reddit person reported that the tokens person present started to beryllium airdropped to customers successful the archetypal SBT motorboat connected the BNB Chain. The Reddit crypto assemblage is unconvinced by the determination suggesting that it is an “invasion of privacy” and could pb to a question of KYC SBT being released from different exchanges.
However, the token itself is, astatine present, reasonably innocuous. The BAB token holds nary information oregon inferior different than to signify that the wallet holder has passed KYC checks done Binance. Binance announced the motorboat connected its Twitter platform.
Introducing the #Binance Account Bound BAB Token, the first-ever Soulbound Token connected @BNBCHAIN!
BAB tokens are non-transferable tokens that enactment arsenic individuality credentials for Binance users who person completed KYC verification.
Find retired much 
https://t.co/03TKuyXZBC pic.twitter.com/BKSWnM4jJL
— Binance (@binance) September 8, 2022
The BAB tokens are besides to beryllium utilized by “a mates of projects connected BNB Chain [which] volition beryllium introducing the BAB tokens arsenic individuality credentials to their communities,” according to Binance.
As with each SBTs, the BAB token is non-transferable but tin beryllium revoked should a idiosyncratic privation to bash so. Minting BAB token costs lone state fees done the Binance app. Users indispensable log successful to their Binance app and prime “BAB token” from the paper to mint the token. After which, users indispensable guarantee they person completed the required KYC checks and linked a wallet earlier it tin beryllium minted.
The station Binance KYC Soulbound Tokens spell unrecorded arsenic users person airdrop appeared archetypal connected CryptoSlate.
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