Binance is looking to impose new rules on NFT minting and listing.
Binance, the largest cryptocurrency exchange in terms of daily trading volume, has revealed plans to adjust non-fungible token (NFT) minting rules and remove a number of NFT collections.
According to the blog post shared on January 19th, the move comes as a response to feedback received from the Binance NFT community.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Cardano in Crypto? (Easily Explained!)
The company revealed that on January 20th, 23:59 (UTC), it plans to update its NFT Minting Rules. The new rules identify that all verified users with at least two followers on Binance NFT “can mint up to five NFTs per day.”
Moreover, Binance NFT plans to “periodically review” NFT collections to “ensure that it continues to meet the high level of standard.” The company stated that if it believes that the collection “does not meet the standard,” it will consider taking it down from the Binance NFT marketplace.
Users can report NFTs or collections that may be in violation of Binance NFT minting rules and terms of service. Our due diligence team will actively review reports of fraud or rule violations and take the appropriate actions.
Binance is planning to start taking down particular NFT collections on February 1st.
At the beginning of February, Binance will “take down and cease trading” for NFT collections, which were listed and minted before October 1st, 2022, as well as collections whose monthly transaction volume, from November 1st, 2022, to January 31st, 2023, was less than $1,000.
It is worth noting that deposits for NFT collections that meet the above-mentioned criteria are set to become unavailable starting February 1st. However, customers will be able to withdraw their NFTs and will be able to see them in their wallets.
In other Binance-related news, Binance has recently received regulatory approval from Polish authorities to operate as a virtual asset service provider (VASP) in the country.