Leading Crypto Exchange Binance is set to remove NFTs with low trading volume amid a change to its KYC rules. This is stated in a statement made recently through its official channels. Starting the second day of next month, the platform will remove all NFTs listed before October 2, 2022. Not all, however, but only those with less than $1,000 in daily trading volume between November 1, 2022. and on January 31, 2023. .
Additionally, starting January 21, NFT artists can only mint up to five digital collectibles per day. In the past, the NFT arm of the platform required sellers to complete Know Your Customer (KYC) verification and have at least two followers before they could list their pieces. However, increased scrutiny from authorities has forced the platform to tighten its KYC rules.
Binance promises engage in a periodic review of NFT listings and recommend removal of those that do not “meet your standards”. Likewise, users of the platform can report collections”which may be in violation of their minting rules and terms of service.” The platform can then review and take appropriate action.
With that being said, the removal of all NFTs that do not meet the new requirements will begin on February 2, 2023. However, they will still appear in users’ wallets.
Why Binance feels the need to remove low-volume NFTs from its platform
Binance started out as a basic crypto exchange but later expanded to become a major player in the NFT market. The growth has something to do with their dedication to serving all areas of crypto. As a result, it provides a wide range of services such as spot cryptocurrency trading, derivatives, NFT trading, betting, and a launch pad, among many others.
Lately, the platform has faced intense scrutiny from the authorities, which, in turn, has forced it to beef up the security of its platform.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Web3 researcher. Long-term investor in Cryptocurrencies.
