Bitcoin NFTs are no longer supported on Binance
Key Takeaways
- Binance will discontinue support for Bitcoin NFT trading and deposits starting April 18 and urges users to withdraw Bitcoin NFTs before May 18.
- Additionally, the platform will discontinue airdrops, benefits, and utilities related to Bitcoin NFTs starting April 10th.
- The decision to phase out Bitcoin NFTs was made due to issues such as network congestion and increased transaction fees.
cryptocurrency exchange Binance recently announced the following decisions: We are discontinuing support for Bitcoin (BTC) non-fungible tokens (NFTs) within our marketplace. In an effort to streamline NFT marketplace offerings.
Here are some moves away from Bitcoin NFTs: Less than a year after conversion to a corporation in May 2023.
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From April 18th, Binance We no longer facilitate transactions or accept Bitcoin NFT deposits. This is explained in detail in the blog post. Given to the user. You can withdraw Bitcoin NFTs through the Bitcoin network until May 18th.
The market is All airdrops, benefits, and utilities related to Bitcoin NFTs will be withdrawn on April 10th.
Deprecation also includes specific instructions for: Users eligible for the Runestone NFT airdrop must withdraw their tokens by April 10th. This announcement also adds:
Binance is not responsible for any losses incurred if users do not withdraw their NFTs before the specified period.
Here are the reasons why Binance made this decision: NFT trading volume is increasing on the Bitcoin network. More than 64 million inscriptions were reportedly recorded, generating more than $423 million in transaction fees. These include network congestion, increased fees, and delayed processing times.
This shutdown will undoubtedly change NFT trading and collection on the platform, impacting both creators and collectors within the ecosystem.
Meanwhile, Binance is currently making headlines due to the legal issues it is facing in Nigeria. The latest update to this story is that the cryptocurrency exchange recently released a statement calling for the release of one of its detained executives.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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