BNB Chain

A proof-of-stake blockchain platform providing smart contract functionality, part of the Binance ecosystem.

BNB Smart Chain (formerly Binance Smart Chain) is a public blockchain platform that uses a proof-of-stake consensus mechanism and provides smart contract functionality. The platform's native cryptocurrency is BNB. The system is part of the broader Binance ecosystem founded in 2017 by Changpeng Zhao and Yi He.

Lore & Background

BNB originated in 2017 as an Ethereum-based token for Binance exchange users, becoming the native coin for the separate Binance Chain in 2019 via a token swap. In 2020, the parallel Binance Smart Chain (BSC) launched, adding smart contract functionality, and was rebranded as BNB Smart Chain (or BNB Chain) in 2022. BNB Chain use of centralization had led to several exploits on the network. Binance Smart Chain was rebranded as BNB Smart Chain (or BNB Chain) in 2022. BNB Beacon Chain and BNB Smart Chain remain separate chains under a dual-chain architecture. After the BSC Token Hub bridge exploit on October 6, 2022, validators coordinated a temporary halt. Independent security tallies have found BNB Chain to be among the most targeted networks by incident count in 2023, with industry coverage highlighting rug pulls as a frequent loss vector. Since 2023, regulatory exposure has been cited due to links with Binance and the BNB token: the U.S. SEC filed a civil complaint in June 2023 alleging unregistered offers and other violations; in May 2025 the SEC announced a joint stipulation to dismiss the case with prejudice.