Binance Coin is the cryptocurrency issued by Binance exchange and trades with the BNB symbol. It is an ERC20 token based on the Ethereum network. The BNB can be used to pay transaction fees on the Binance platform. As of July 2018, there are 200 million BNB tokens in circulation, with a fixed supply of 200 million. Binance has two core values that are Transparency and Security. The Binance team believes that transparency of information and
fair processes are crucial to creating an open financial system for the world.Binance employs a variety of methods in order to ensure the security of our users' assets. These include but are not limited to: cold storage, secure encryption, a secure communication channel between our app and your phone/computer, 2-factor authentication, SMS confirmations, Google Authenticator, email confirmations, and more!Binance also has a feature called Secure Asset Fund for Users (SAFU). The SAFU fund is a fund that stores all of the trading fees received by Binance. The SAFUs are used to protect user assets in extreme cases. The Binance team will first deploy these assets to cover any losses incurred during extreme circumstances. If there are still remaining assets in the SAFU fund, Binance will then redistribute 50% of the remaining assets to BNB holders and use the remaining 50% to purchase back BNB and destroy them. This mechanism enables Binance to protect user funds and provide a safety net for our platform, all while burning BNB.
