TL;DR

• Binance wants to create a token that allows anyone that has KYC’d on their platform to automatically be KYC’d on any other platform that requires the same ID verification.

Full Story

You know those simple ideas that just have a few too many moving parts to work?

E.g. “If everyone in our friend groups throws in $1k, we could all buy a boat and live the summer of our dreams!”

Sounds awesome, but convincing everyone to go through with it is a tall order.

Well, Binance is taking on one of those challenges.

Their platform requires users to go through ‘Know Your Customer’ (KYC) verification — where users send in their ID, proof of address, etc.

Most platforms do.

But Binance now wants to create a token that allows anyone that has KYC’d on their platform to automatically be KYC’d on any other platform that requires the same ID verification.

The idea is that: they’ve gone through the trouble of making sure the name, birth date, and address on your ID are legit — so why should every other platform out there have to do the same?

Instead, third party platforms can just check users’ wallet for a Binance Account Bound Token (BABT) and approve them automatically (cause they know Binance have already done the heavy lifting).

It’s a helluva concept! And one we’d love to see come to reality.

Only problem is, much like buying a boat with your friends, coordinating to get everyone on board to join the new system is…

Messy.