Binance, the leading global cryptocurrency exchange, has initiated a strategic shift in its NFT marketplace by announcing the discontinuation of support for Bitcoin NFTs. This decision is part of Binance’s efforts to refine its services and enhance user experience. The platform advises users to transfer their Bitcoin NFTs off the marketplace by a set deadline to facilitate a smooth transition.
End of Bitcoin NFT Services on Binance
The exchange has set a timeline, informing users that as of 09:00 AM Turkey Standard Time on April 18, 2024, it will no longer facilitate trading, depositing, or listing of Bitcoin NFTs. To avoid any inconvenience, users are urged to initiate withdrawals through the Bitcoin network before 03:00 AM on the designated date. Additionally, all pending listing requests for Bitcoin NFTs on the platform will be nullified effective immediately.
Binance has also stated that post-April 10, 2024, it will cease support for any AirDrops, benefits, or utilities that are associated with Bitcoin NFTs, indicating a firm move away from Bitcoin-based non-fungible tokens.
Runestone NFT Holders Urged to Act Swiftly
In a related advisory, Binance has alerted holders of Runestone NFTs about the AirDrops they are entitled to, which have been allocated to qualified accounts. Users must claim these NFTs by 01:00 PM Turkey Standard Time on April 10, 2024, to prevent loss of their entitlements. The platform underscores that it will not support Runestone NFT trading, and owners must withdraw these assets within the stated period to retain access to their value.
Considered points
- Binance NFT marketplace ends Bitcoin NFT support on April 18, 2024.
- Users must withdraw Bitcoin NFTs before 03:00 AM on the set date.
- Runestone NFT holders have until 01:00 PM on April 10, 2024, to secure their AirDropped assets.
The discontinuation of Bitcoin NFTs by Binance signals a shift in the platform’s strategic direction, potentially steering the NFT ecosystem towards alternative blockchain networks. Users involved in trading and holding Bitcoin NFTs should heed the advised deadlines to ensure asset security and maintain benefits afforded by the platform.