Crypto exchange Binance tightens rules on NFT listings

By Anjali Kochhar

Cryptocurrency exchange Binance has tightened its rules for nonfungible token listings. As per the statement, starting Feb. 2, 2023, Binance will delist all NFTs listed before Oct. 2, 2022 and with an average daily trading volume lower than $1,000 between Nov. 1, 2022 and Jan. 31, 2023.

In addition, after Jan. 21, 2023, NFT artists can only mint up to five digital collectibles per day.

Binance NFT requires sellers to complete Know Your Customer (KYC) verification and have at least two followers before listing on its platform.

“Users can report NFTs or collections that may be in violation of 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,” the statement read.

All digital collectibles not meeting the two requirements will be automatically delisted by Feb. 02, 2023. The delisted assets will still appear in users’ wallets afterward.

Binance has come under intense scrutiny by 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 Jan. 18, the United States Financial Crimes Enforcement Network claimed that Binance was among the “top three receiving counterparties” to Bitzlato.

About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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