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What Is BNB? BNB Chain, Fee Discounts and Where to Buy

BNB started as an exchange discount token and grew into the gas asset of one of the busiest blockchains in the world.

What is BNB?

BNB launched in 2017 as Binance Coin, a token that gave traders a discount on exchange fees. It has since become the native asset of BNB Chain, an EVM-compatible blockchain used for DeFi, gaming and payments.

What is BNB used for?

  • Trading fee discounts on the Binance exchange.
  • Gas on BNB Chain — every on-chain transaction and smart contract call is paid in BNB.
  • Staking and validation — BNB secures the chain through delegated staking.
  • DeFi collateral — used across lending protocols and liquidity pools in the BNB ecosystem.
  • Payments — accepted by a range of crypto-friendly merchants and travel services.

The burn mechanism

BNB has a deflationary design: tokens are permanently destroyed ("burned") through periodic quarterly burns and an automatic per-block burn tied to network activity. The stated goal is to reduce the total supply from the original 200 million toward 100 million.

Where can you buy BNB?

  • Binance — deepest liquidity, direct fiat pairs.
  • Other centralised exchanges — Kraken, Bybit, OKX, Gate and many regional platforms list BNB.
  • Decentralised exchanges — PancakeSwap and other BNB Chain DEXs for wallet-to-wallet swaps.

Risks

BNB is closely tied to the fortunes and regulatory standing of a single exchange, which makes it more concentrated than assets like BTC or ETH. Chain-level exploits, validator centralisation and general market volatility are additional risks.

Live BNB prices, 24h change and volume are available on the NexPrices crypto page.