Home CryptocurrencyBitcoin Binance tightens rules for NFT listings

Binance tightens rules for NFT listings

by SuperiorInvest

According to a January 19 announcement, the cryptocurrency exchange Binance has tightened its rules for non-fungible token listings. Starting February 2, 2023, Binance will remove all NFTs listed before October 2, 2022 and with an average daily trade volume of less than $1,000 between November 1, 2022 and January 31, 2023. Additionally, after January 21, 2023, NFT artists can only mint five digital collectibles daily.

Binance NFT requires sellers to complete a Know Your Customer (KYC) verification and have at least two followers before being listed on its platform. In addition to the revised rules, Binance said it will immediately “regularly review” NFT listings that “do not meet its standards” and recommend them for removal.

“Users can report NFTs or collections that may violate the Binance NFT Mining Rules and Terms of Service. Our due diligence team will actively review reports of fraud or violations and take appropriate action.”

All digital collectibles that do not meet these two requirements will be automatically removed by February 2, 2023. Removed items will continue to appear in users’ wallets thereafter. Binance has come under intense scrutiny regulators since last year over allegations of lax KYC measures and its role in processing illicit funds, which the exchange has denied.

Amid the Bitzlato money laundering allegations that surfaced on January 18, the United States Financial Crimes Enforcement Network claimed that Binance she was among Bitzlat’s “top three receiving counterparts”. As already mentioned, Binance was among the exchanges that he continued to serve Russians without sanctions after new European Union sanctions.

Source Link

Related Posts

%d bloggers like this: