According to January 19th Presentation With Binance, cryptocurrency exchanges have tightened their rules for listing non-fungible tokens (NFTs). From February 2, 2023, all listed on Binance before October 2, 2022, with an average daily trading volume below $1,000 from November 1, 2022 to January 31, 2023 of NFTs will be delisted. Additionally, starting January 21, 2023, an NFT artist will only be able to create a maximum of 5 digital collections per day.
Binance NFT requires sellers to complete Know Your Customer (KYC) verification and have at least two followers before listing on the platform. In addition to the revised rules, Binance said it would “regularly review” NFT listings that “do not meet standards” and recommend their removal from the list.
“Users can report NFTs or Collections that may violate Binance NFT’s Issuance Rules and Terms of Use. Our due diligence team will actively review reports of fraud or rule violations and We will take appropriate measures.”
All digital collections that do not meet the two aforementioned requirements will be automatically delisted by February 2, 2023. Assets removed from the list will still appear in the user’s wallet. Binance has come down severe scrutiny Since last year, the regulator has denied claims of lax KYC measures and its role in handling illicit funds.
Amid the Bitzrat money laundering allegations that surfaced on January 18, the US Financial Crimes Enforcement Network (FinCEN) claimed Binance is one of Bitzlato’s “Top 3 Incoming Counterparties”. As previously reported, Binance has continued to serve Unsanctioned Russians following new sanctions from the European Union.
