Regulation of NFT listings is tightened by Binance
Binance, a cryptocurrency exchange that has strengthened its guidelines for nonfungible token listings, according to a Jan. 19 release.
All NFTs listed before October 2, 2022, and have an average daily trading volume of less than $1,000 between November 1, 2022, and January 31, 2023, will be delisted by Binance starting on February 2, 2023. The number of digital collectibles that NFT artists can create each day after January 21, 2023 is limited to five.
Before selling on Binance‘s site, NFT requires merchants to finish the Know Your Customer (KYC) verification process and have a minimum of two followers. Binance also announced that, in addition to the updated criteria, it will immediately “periodically evaluate” NFT listings that did not “meet its requirements” and suggest delisting them.
Users can report NFTs or collections that may be in violation of the terms of service and Binance NFT minting guidelines. Reports of fraud or rule violations will be carefully reviewed by their due diligence staff, and necessary action will be taken.
By February 02, 2023, all digital collectibles that don’t match the two criteria will be taken off the market automatically. After that, users’ wallets will still contain the delisted assets. Since last year, officials have been closely monitoring Binance due to claims that it took inadequate KYC procedures and participated in the processing of illicit funds, both of which the exchange has refuted.
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