Binance Coin is the crypto-coin issued by Binance exchange, and trades with the BNB symbol. Binance coin runs on the Ethereum blockchain with ERC 20 standard, and has a strict limit of maximum 200 million BNB tokens. (See also, What is ERC-20 and What Does it Mean for Ethereum?)
The Binance coin is expected to fuel the operations of the Binance exchange and its ecosystem. It supports multiple utilities on the Binance ecosystem, which includes paying for trading fees, exchange fees, listing fees, and any other fees on the Binance exchange. (For more, see Gas (Ethereum) Definition.)
The first year launch offer provides a 50 percent discount on trades through Binance coin, and the discount percentage reduces by half each year. That is, the second-year discount is 25 percent, the third-year discount is 12.5 percent, and the fourth-year discount is 6.25%, with the discount ending from the fifth year onwards.
One can also use Binance coins to invest in certain ICOs that are listed through Binance’s Launchpad program. New cryptocurrencies will list on the Binance exchange, and use of Binance will provide a seamless marketplace for trading in a variety of established and new virtual tokens.