Stringent rules for Binance NFT listings

Binance nft listing

Stringent rules for Binance NFT listings

Cryptocurrency exchange, Binance announced on Jan 19 to harden its framework for nonfungible tokens listings. According to the announcement, the exchange will delist all the NFTs listed before October 2, 2022, with an average trading volume lower than $1,000 between Nov 1, 2022, and Jan 31, 2023. This will be in effect from Feb 2, 2023. 

Moreover, from Jan 21 onwards, NFT artists will be able to mint only five digital collectibles in a day. 

Before listing any artist on its platform, Binance NFT will ask sellers to complete Know Your Customer (KYC) verification and have a minimum of two followers. Binance also informed that all NFT listings on its platforms would be immediately “periodically reviewed,” and those that do not “meet its standards” will be recommended for delisting.

The exchange said, “Users can report NFTs or collections that may violate 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.”

All NFTs that will not meet the two requirements will be delisted automatically on the platform from the start of February. However, the delisted digital collectibles will remain visible to the user in his/her wallet. Last year, Binance was scrutinized by regulators for neglecting KYC measures. Also, it was under the allegation that it had some part in processing illegal funds, which was denied by the exchange.

Another money laundering allegation came up on Jan 18, where Bitzalto exchange was involved. It was also acknowledged by the United States Financial Crime Enforcement Network that Binance was considered a “top three receiving counterparties” to Bitzlato. In addition, as per the reports, Binance remained one such exchange that, following new sanctions from the European Union, supported non-sanctioned Russians.

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