As reported last month, Binance is issuing a Soulbound Token (SBT) named BAB to all customers who have met KYC requirements on the exchange. BAB stands for Binance Account Bound.
user on reddit The first SBT launch on the BNB chain reported that tokens have started airdropping to customers. The Reddit crypto community is unconvinced by moves suggesting this is a “violation of privacy” and that he may be releasing a wave of KYC SBTs from other exchanges.
However, the token itself is fairly harmless at this point. BAB tokens do not contain any data or utility other than to indicate that the wallet holder has passed her KYC checks through her Binance. Binance has announced its launch on the Twitter platform.
Introduction of #binance The Account Bound BAB token is the first ever Soulbound token. @BNB chain!
BAB tokens are non-transferable tokens that act as identity credentials for Binance users who have completed KYC verification.
Learn more➡️ https://t.co/03TCuyXZBC pic.twitter.com/BKSWnM4jJL
— Binance (@binance) September 8, 2022
BAB tokens will also be used in “some projects on the BNB chain”. [which] According to Binance, they plan to introduce the BAB token as an identity credential to their community.
As with all SBTs, BAB tokens are non-transferable, but can be revoked if the user so desires. The issuance of BAB tokens is only subject to gas fees via the Binance app. The user will have to log into his Binance app and select “BAB Token” from the menu to create a token. After that, the user has to complete her required KYC checks and link the wallet before creating it.
