Binance Coin (BNB) is the native token on the Binance exchange. Short for ‘Binary Finance,’ Binance’s name is a reference to the continually increasing importance of crypto-only exchanges. The platform is known for its extensive depth of altcoin inventory and plans to ultimately support margin, futures, and decentralized (on-chain) trading. While the details of Binance’s security system have been kept secret, the platform follows industry best practices including ISO/IEC 27001:2013 and the CryptoCurrency Security Standard (CCSS). In addition, the trading system supports an order-making peak load of 1.4 million transactions per second. While trading fees can be paid in other cryptocurrencies, payment via Binance Coin activates a tiered discount structure with first-year discounts of 50%. Binance Coins can also be used to pay for votes in Binance’s community coin forum — a process that may determine the next cryptoasset added to the platform. The corporate entity was founded in Hong Kong in 2017 by Changpeng Zhao, the former CTO of OKCoin, and relocated to Malta in 2018.