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Binance tightens rules on NFT listings

Binance_tightens_rules_on_NFT_listings

Binance announced on January 19 that it has tightened its listing requirements for NFT. All NFTs listed on Binance prior to October 2, 2022, with an average daily trading volume of less than $1,000 between November 1, 2022 and January 31, 2023, will be delisted on February 2, 2023. Additionally, after January 21, 2023, NFT artists will be limited to minting no more than five digital collectibles per day.

What is going on at Binance?

Binance Before listing on its platform, NFT requires sellers to complete know-your-customer (KYC) verification and have at least two followers. In addition to the revised rules, Binance announced that it will immediately “periodically review” NFT listings that do not “meet its standards” and recommend their delisting.

All digital collectibles that do not meet the aforementioned two requirements will be delisted on February 2, 2023. Since last year, Binance has been under intense regulatory scrutiny over allegations of lax KYC procedures and their role in processing illicit funds, both of which the exchange denies.

In the midst of the Bitzlato money laundering allegations that surfaced on January 18, the United States Financial Crimes Enforcement Network (FinCEN) asserted that Binance was one of Bitzlato’s “top three receiving counterparties.” As previously reported, Binance was one of the exchanges that continued to serve non-sanctioned Russians after the European Union imposed new sanctions.

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Tina concentrates on all matters related to NFT and Web3. Tina uses social media to spot NFT trends and report unique news.

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