Binance is tightening rules on their NFT marketplace

• Binance relies on stricter rules for NFTs
• Changed minting rules and terms of use
• NFT marketplace only launched in 2021

In the course of the crypto hype, non-fungible tokens (NFTs) also moved into the focus of investors. These are non-exchangeable tokens with a unique identifier – comparable to a human fingerprint. This identifier consists of blocks of information, which in turn form a blockchain. However, as purely digital collectibles, they cannot be physically touched.

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Binance, launched by Changpeng Zhao in 2017 and quickly expanded to become the world’s largest crypto exchange, wanted to benefit from the NTF boom last year and launched the new Binance NFT Marketplace in June 2021. This can not only be used for trading, i.e. buying and selling non-fungible tokens, but also for creating unique NFTs.

stricter rules

However, as Cointelegraph reports, Binance has now tightened the rules for NFT listings. Accordingly, starting February 02, 2023, all NFTs that were listed before October 02, 2022 and whose average daily trading volume was less than USD 1,000.00 in the period from November 01, 2022 to January 31, 2023 will be removed. In addition, starting January 21, 2023, NFT artists will only be able to mint a maximum of five digital collectibles per day.

In addition, the world’s largest crypto exchange, which has been targeted by US law enforcement agencies, now also values ​​KYC (Know Your Customer). In the future, sellers will be required to verify the identity of their customers and they must have at least two followers before they can be listed on the platform.

“Users can report NFTs or collections that may violate Binance NFT’s minting rules and Terms of Service. Our due diligence team will actively review reports related to fraud or rule violations and take appropriate action,” Cointelegraph quoted the company as saying.

Digital collectibles that do not meet these two requirements will be automatically removed by February 2, 2023, but of course they will remain in the wallets of the users afterwards.

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