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- NFT creators will also be limited to minting just five digital items every day.
- Before listing on Binance NFT, merchants must undergo know-your-customer (KYC).
Binance said on January 19 that it will be increasing the requirements for listing non-fungible tokens (NFTs). All non-fungible tokens (NFTs) that were posted on Binance before October 2, 2022, and that had a daily trading volume of less than $1,000 between November 1, 2022, and January 31, 2023, will be delisted beginning on February 02, 2023. After January 21st, 2023, NFT creators will also be limited to minting just five digital items every day.
Binance stated:
“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.”
Periodical Review Underway
Moreover, before listing on Binance NFT, merchants must undergo know-your-customer (KYC) authentication and amass at least two followers. In addition to the new regulations, Binance also promised to immediately begin periodically reviewing.
Moreover, On February 2, 2023, all digital collectibles that do not fulfil the above two criteria will be removed from sale. Even after the assets are removed from circulation, users will still be able to access them in their wallets. Since the beginning of this year, authorities have been looking very closely at Binance, with suspicions of insufficient Know Your Customer (KYC) standards and the exchange’s participation in processing illegal funds.
Furthermore, U.S. Financial Crimes Enforcement Network (FinCEN) claims that Binance was one of Bitzlato’s “top three receiving counterparties” on January 18, when suspicions of money laundering against Bitzlato first arose.
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