The cryptocurrency exchange Binance has recently announced its decision to discontinue support for Bitcoin (BTC) non-fungible tokens (NFTs) within its marketplace, as part of efforts to streamline its NFT marketplace offerings.
This move away from Bitcoin NFTs comes less than a year after they were incorporated in May 2023.
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Starting April 18, Binance will no longer facilitate trades or accept deposits of Bitcoin NFTs, as detailed in a blog post. Users have been given until May 18 to withdraw their Bitcoin NFTs via the Bitcoin network.
The marketplace is withdrawing all related airdrops, benefits, and utilities related to Bitcoin NFTs on April 10.
The cessation of support also includes specific instructions for users eligible for the Runestone NFT airdrop, who must withdraw their tokens by April 10. The announcement also adds:
Binance will not be responsible for any losses incurred if users do not withdraw their NFTs before the stated time frame.
Binance has reached this decision likely due to the growing volume of NFT transactions on the Bitcoin network. It has reportedly seen over 64 million inscriptions and generated more than $423 million in transaction fees, leading to network congestion, increased fees, and slower processing times.
This close will undoubtedly change NFT trading and collection on the platform, impacting both creators and collectors within the ecosystem.
Meanwhile, Binance is also making the headlines due to the legal challenges it's currently facing in Nigeria. A recent update of this story is that the crypto exchange has recently issued a statement asking to release one of its detained executives.
