WHAT’S THE BINANCE ACCOUNT BOUND (BAB) TOKEN?

The cryptocurrency exchange Binance launched its first-ever soulbound token on the BNB Chain on the 8th of September, 2022. It goes by Binance Account Bound (BAB). Soulbound tokens are non-transferable NFTs; as such, they’re unique and permanently attached to their owners. As a result, they’re used in applications where proof of identity is crucial, for example, in the case of educational credentials. BAB owners can prove that they’re verified Binance users because only those who passed the identity verification process can mint it.