Best-Performing Cryptocurrency Powers Controversial Exchange (1)

Only one major cryptocurrency has outperformed industry bellwether Bitcoin this year -- the namesake token from the contentious exchange Binance Holdings.

Binance Coin, usually referred to as BNB, has surged about 150%, according to CoinMarketCap.com. Eight of the top-10 coins by market capitalization either decreased in price or appreciated much less in a year where Bitcoin has doubled.

A favorite of crypto hedge funds and large traders since its 2017 introduction, BNB lets holders get trading-fee discounts and other benefits on Binance, the world’s largest spot crypto exchange, essentially serving as a loyalty program for customers.

Retaining users may ...