Binance Coin is the cryptocurrency of the Binance platform, a trading platform exclusively for cryptocurrencies. The name "Binance" is a combination of binary and finance, indicating that only cryptocurrencies can be traded against each other. It is not possible to trade cryptocurrencies against fiat. The platform has achieved enormous success within a very short time and is focused on the worldwide market with its headquarters in Malta. The cryptocurrency currently has a daily trading volume of 1.5 billion to 2 billion USstill increasing. In total, there will only be 200 million BNBs. Binance uses the ERC20 token standard from Ethereum and has distributed it as follows: 50% sold on ICO, 40% to the team, and 10% to angel investors. The coin can be used to pay fees on Binance, including trading fees, trans dollars and is action fees, listing fees, and others. Binance gives a huge discount when fees are paid in BNB. The schedule of BNB fees discount is as follows: in the first year, 50% discount on all fees; second year, 25% discount; third year, 12.5% discount; fourth year, 6.75 % discount, and from the fifth year onwards, there is no discount. This structure is used to incentivize users to buy BNB and do trades within Binance. Binance announced in a buyback plan that it would buy back up to 100 million BNB in Q1 2018. The coins are then burned, meaning that they are devalued to increase the value of the remaining coins, benefiting investors. In the future, the cryptocurrency will remain an assetplatform and will be used as gas. Other tokens issued by exchang on the trading es include Bibox Token, OKB, Huobi Token, and more.