Binance Sets Out to Delist Low Volume NFTs

major crypto exchange binance Among the changes in KYC rules, we plan to delist NFTs with low trading volume. This is according to a statement recently made through official channels. From the 2nd of the following month, the platform will delist all NFTs listed before 2nd October 2022. But not all of them, only those with less than $1,000 in daily trading volume from November 1, 2022 to January 31, 2023. .

Additionally, starting January 21st, NFT artists can only create up to five digital collections per day. Until now, his NFT department on the platform required sellers to complete Know Your Customer (KYC) verification before listing items and that he had at least two followers. However, increased scrutiny from authorities has forced the platform to tighten its KYC rules.

Binance Promises engaged Regular review of the NFT list and we recommend delisting those that are not “It meets the criteria.” Also, users of the platform can report their collections.It may violate its minting rules and terms of use. The platform can then conduct a review and take appropriate action.

That said, the delisting of all NFTs that do not meet the new requirements will begin on February 2, 2023. However, they still appear in the user’s wallet.

Why Binance feels the need to delist NFTs with low trading volume on the platform

Binance started as a basic cryptocurrency exchange, but later branched out to become a significant player in the NFT market. This growth has something to do with their dedication to serving all areas of crypto. As a result, we offer a wide range of services such as spot crypto trading, derivatives, NFT trading, staking, launchpads and more.

Recently, the platform has faced heavy scrutiny from authorities, and as a result, it has been forced to tighten its security.

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*All investment/financial opinions expressed by NFT Plaza are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.

Web3 investigator. Long-term cryptocurrency investor.