Friday, June 14, 2024

Binance tightens NFT rules, announces delistings and KYC

The cryptocurrency exchange known as Binance said on January 19 that it has strengthened its policies regarding the listing of nonfungible tokens, often known as NFTs.

All non-fungible tokens (NFTs) that were posted on Binance before to October 2, 2022 and that had an average daily trading volume of less than $1,000 between November 1, 2022 and January 31, 2023 will be delisted beginning on February 2, 2023.

In addition, beginning on January 21, 2023, NFT artists will only be able to mint a maximum of five digital collectibles each and every day. Before being allowed to list on the Binance NFT platform, merchants are required to go through the know-your-customer (KYC) verification process and have a minimum of two followers.

In addition to the updated regulations, Binance said that it will immediately “listings on the NFT that do not “meet its requirements” would be “periodically reviewed” and “recommended for delisting” if they do not.

Users have the ability to report NFTs or collections that they believe may be in violation of the terms of service or guidelines governing the minting of NFTs on Binance.

Reports of rule infractions or fraudulent activity will be thoroughly investigated, and our team of investigators will take the necessary corrective steps.”

By the second of February in 2023, any digital collectibles that do not fulfil the aforementioned two conditions will be removed from the listing automatically.

After then, users’ wallets will still contain the delisted assets even if they are no longer publicly traded.

Since the beginning of this year, authorities have increased their scrutiny on Binance in response to claims that the exchange has been processing illegal funds and has insufficient Know Your Customer (KYC) procedures. Binance has consistently refuted these allegations. In the midst of the accusations of money laundering involving Bitzlato that were brought to light on January 18, the United States Financial Crimes Enforcement Network (FinCEN) stated that Binance was one of the “top three receiving counterparties” to Bitzlato.

Following the imposition of additional sanctions by the European Union, Binance was among the cryptocurrency exchanges that continued to provide services to non-sanctioned Russians. This was previously reported.

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