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Binance Announces the Shutdown Date for Its NFT Service
Binance, the world’s largest cryptocurrency exchange by trading volume, has announced that it will shut down its Binance $NFT service on 3 July. The exchange explained the move by its desire to “shift focus to Web3 services” and develop its own non-custodial wallet, Binance Wallet.
Binance $NFT clients have been advised to withdraw their non-fungible tokens to external compatible crypto wallets by 3 July. After 3 July, access to such assets will be lost, the company warned.
$NFTs whose functionality directly depends on Binance’s infrastructure cannot be withdrawn. This applies, in particular, to digital diplomas and certificates from Binance Academy. Once the service is disabled, such tokens will be deactivated. As compensation, the exchange promised to later send owners PDF copies of the relevant documents by email.
Binance is promising compensation to users who transfer their $NFTs to new addresses. The first 100,000 clients who send $NFTs on the $BNB Smart Chain or Ethereum networks to Binance Wallet between 3 and 17 June will receive 1 USDC in their spot account to compensate for network fees.
Owners of $NFTs from the CR7 collection associated with footballer Cristiano Ronaldo will be able to withdraw their tokens to external wallets on the $BNB Smart Chain network until 3 July. Binance promised these clients reimbursement for the gas spent on transactions by 19 July.
Earlier, the non-fungible token marketplace Magic Eden announced that it would discontinue support for its own crypto wallet. Since 1 April, it has been operating in “export-only” mode: new transactions and other operations are unavailable.
See also: "Kraken Opens Access to U.S. IPOs for Retail Crypto Investors Across More Than 100 Countries"
