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Binance has issued its own token coin, called the Binance Coin (BNB). BNB can be used to pay for fees on the platform, such as trading. During the ICO, 50% of the BNB tokens were distributed to the public. 40% was kept by the founding team, and 10% was given to its angel investors. Each quarter, Binance will use 20% of their profits to buy back and burn BNB, until 100MM BNB are burned out of its total supply of 200MM.
Founder Zhao Changpeng
Zhao Changpeng is a co-founder of Binance and the company’s CEO. He was listed by Forbes as one of the richest people in cryptocurrency in February 2018.
Having immigrated to Vancouver, BC in the late 1980s with his family, Changpeng grew up poor and had to work in fast food restaurants and gas stations to support the family. He went on to study computer science in McGill University and worked at the Tokyo Stock Exchange and Bloomberg.
In 2005, Changpeng moved back to China to start his own company making high-frequency trading software for traders. Changpeng heard about Bitcoin from a venture capital friend in 2013, and in 2014, sold his house in Shanghai to go all in on Bitcoin. Changpeng joined Blockchain.info and later became OKCoin’s CTO. After leaving OKCoin, Changpeng launched Binance. In 6 months, he led the company to become the world’s number 1 cryptocurrency exchange (in terms of volume).