BNB price today

The price of Binance Coin or BNB is tied to the fate of one of the largest ecosystems in the crypto market; a token that started out as a trading-fee discount tool on an exchange and is today the native currency of a widely used blockchain. On this page you can see the live BNB price against Tether and its candlestick chart, and below you will learn about its history, use cases, supply burn mechanism, the factors that affect its price, and tips on transfers and access for Iranian users.

What is BNB?

BNB (formerly called "Binance Coin") was issued in 2017 through an initial coin offering (ICO) by the Binance exchange, an exchange founded by Changpeng Zhao, known as CZ. The first version of BNB was an ERC20 token on the Ethereum network, but it was later moved to the ecosystem's own blockchain.

BNB's original use was simple: users who paid their trading fees on the exchange with BNB received a discount. Over time, and with the launch of its own blockchain, BNB became the fuel of an entire network and its use cases went beyond the boundaries of a single exchange.

BNB Smart Chain and BNB use cases

The main network BNB runs on today is "BNB Smart Chain" (BSC for short), a blockchain compatible with the Ethereum Virtual Machine (EVM) that has been live since 2020. This compatibility allowed many Ethereum decentralized applications to run on it with minimal changes. The token standard on this network is called "BEP20".

• Paying network fees: every transaction on BSC, from a simple transfer to interacting with a smart contract, pays its fee in BNB.
• Fee discounts on the issuing exchange: the original use case still exists.
• Staking and validation: BSC uses a stake-based model, and validators take part in confirming blocks with staked BNB.
• DeFi and tokens: decentralized exchanges, liquidity pools and thousands of BEP20 tokens are active on this network.

Compared with the Ethereum mainnet, BSC usually has lower fees and faster confirmations, but it has a more limited number of validators and critics consider it more centralized than Ethereum. This trade-off between cost and decentralization is one of the ongoing debates about this network. For low-cost transfers of tokens and stablecoins, networks such as Tron and TON are also considered BSC's competitors.

BNB supply and the burn mechanism

BNB's initial supply was 200 million units, and the stated goal is to reduce the total supply to 100 million units through gradual burning. There are two mechanisms for this:

• Quarterly Auto-Burn: every three months, an amount of BNB is removed from circulation according to a formula that depends on the BNB price and the number of blocks produced in that period.
• Real-time fee burn: part of the gas fee of every transaction on BNB Smart Chain is burned immediately.

What factors move the BNB price?

1. The state of the issuing exchange

BNB depends on a specific company more than any other major cryptocurrency. News about the issuing exchange, such as legal and regulatory cases, management changes or its trading volume, directly affects the BNB price. A well-known example was the exchange's settlement with the US Department of Justice in November 2023, which came with CZ stepping down as CEO.

2. Activity on BNB Smart Chain

The more transactions and active applications there are on BSC, the higher the demand for BNB as the network's fuel, and the more fees are burned.

3. The overall crypto market trend

Like most altcoins, BNB is usually influenced by the direction of Bitcoin and the overall market mood. Follow interest rates and US macroeconomic data in the economic calendar as well.

4. Quarterly burns

The announcement of each burn is news the market pays attention to, but since its timing and mechanism are known in advance, it should not be considered a definite driver of price changes.

If you trade BNB in leveraged markets, check your position size and stop loss before entering with Teagle's trading calculator so that a sudden piece of news does not put your entire account at risk.

Transferring BNB: watch the network

Today BNB is mainly transferred on BNB Smart Chain (BEP20). Addresses on this network start with "0x" and look exactly like Ethereum addresses; this similarity is one of the most common reasons for mistaken transfers. If you are withdrawing from an exchange, make sure the selected network matches the network supported by the destination wallet or exchange.

• BSC network fees are usually low, but exchanges set their own withdrawal fees separately.
• To send any BEP20 token, including Tether BEP20, you need to have a little BNB in your wallet to pay the fee.
• The old BEP2 network, whose addresses started with "bnb" and required a "memo" for deposits to exchanges, has been retired; keep this in mind when reading old tutorials that still refer to it.

Security and fake tokens

Creating a token on BSC is cheap and easy, which is why fake tokens with names similar to well-known projects are common on this network. Before buying any token on a decentralized exchange, check the contract address from the project's official source. If an unknown token appears in your wallet, do not interact with it and do not connect to an unknown site to "sell" it or "claim a reward"; this is one of the common ways wallets get drained. Keep your recovery phrase completely confidential, as with any other wallet.

BNB for Iranian users

An important point for Iranian users is that the exchange that issues BNB, like most major global exchanges, prohibits serving residents of sanctioned countries, including Iran, under its stated rules, and accounts identified as Iranian may be restricted or blocked. Holding BNB does not mean you can use that exchange's services.

BNB is traded against Toman and Tether on many Iranian exchanges, and its Toman price is roughly equal to the dollar price of BNB multiplied by the Toman rate of Tether. Fees, liquidity and withdrawal networks differ across domestic exchanges; to make an informed choice, see the crypto exchange comparison on Teagle. Follow the prices of other cryptocurrencies in the crypto section and warnings about high-risk platforms in risk warnings .

The information on this page is for informational purposes only and is not a recommendation to buy or sell. Prices are obtained from the stated sources and may differ slightly from the rate on the exchange you use.