Binance plans to remove Bitcoin NFT collections from its platform
Binance, one of the leading cryptocurrency exchanges, has announced that its NFT marketplace will no longer support Bitcoin-based NFT collections starting from this month. As of April 18, users will no longer be able to trade or deposit Bitcoin NFTs on the platform. Binance has advised its users to transfer their Bitcoin NFTs out of the marketplace using the Bitcoin network before May 18.
In addition, Binance will automatically cancel all orders for listings that are affected by this change on the specified date. The marketplace has also stated that it will no longer support airdrops, perks, or features linked to Bitcoin NFTs after April 10.
The exchange has also provided an update on the Runestone NFTs. Eligible users who were supposed to receive Runestone NFTs through an airdrop have already received them in their Binance accounts. However, holders of these NFTs must withdraw them by the upcoming Wednesday to access any related tokens, utilities, or advantages.
Binance has explained that this decision was made in order to streamline its offerings. The NFT market data has shown a significant decline in the number of unique buyers and overall trading volume, despite a brief recovery in the fourth quarter of 2023. This, combined with the recent criticism of Bitcoin NFTs causing network congestion, likely played a role in Binance’s decision.
In other news, Ripple, another prominent cryptocurrency company, has announced its plans to launch a USD-pegged stablecoin. This move is expected to further enhance Ripple’s presence in the cryptocurrency market.
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