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 <p class="is-style-lead">A recent&nbsp;investigation&nbsp;by Forbes, in collaboration with Gray Wolf Analytics and Inca Digital, suggests that Binance’s initial coin offering (ICO) for BNB in 2017 “was a flop”.&nbsp;</p>
 <p>The report claims that Binance likely raised less than $5 million for BNB, its native token, through its ICO, significantly less than what the exchange announced on its website.&nbsp;</p>
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   <img decoding="async" width="1024" height="510" src="https://cdn.thebittimes.com/images/2023/10/06/83069cb729cea0374061331abb5736bc.webp" alt="Binance's 2017 ICO flopped, exchange reportedly raised $5m - 1"> 
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   An archived copy of Binance’s front page during its ICO | Source: Forbes
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 <p>The <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> also found that investors received only around 10.78 million BNB, while an additional 20 million BNB were transferred to angel investors.</p>
 <p>Forbes further suggests that Binance may have held the undistributed tokens. However, it is unlikely, given that investors would not want to keep them on an “unestablished” <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>.</p>
 <p>Binance initially advertised BNB as a way to receive a discount on the <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>, which may have incentivized some investors to keep the token in Binance’s wallets.</p>
 <p>The <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a> claims that Binance controlled nearly 117 million tokens on Aug. 31, 2023– 76% of the total outstanding supply. While it is unclear how Forbes came to this conclusion, the <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a> claims that the <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> combined disclosed tokens issued to the founding team with a proprietary probabilistic <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>.</p>
 <p>Inca Digital CEO Adam Zarazinski suggests that less than half of the 120 million tokens were distributed and that they were circulated between multiple, presumably Binance-controlled, wallets.</p>
 <p>Binance and its CEO, Changpeng Zhao, have not publicly commented on the matter.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-s-2017-ico-flopped-exchange-reportedly-raised-5m-tbt65363.html">https://thebittimes.com/binance-s-2017-ico-flopped-exchange-reportedly-raised-5m-tbt65363.html</a></p>

Binance’s 2017 ICO flopped, exchange reportedly raised $5m

TheBitTimes

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