Binance has advised users of its NFT marketplace to withdraw their assets.
Leading cryptocurrency exchange Binance has disclosed its decision to cease supporting Bitcoin-based Ordinary non-fungible token (NFT) collectibles in its NFT marketplace despite being the second highest-performing platform for NFT sales this week.
Binance has urged users of its NFT marketplace to withdraw their Ordinal inscriptions by May 18, 2024. The exchange noted that from April 18 onward, it will no longer accept deposits of Ordinal NFTs, and users are advised to withdraw their assets.
Why Binance is Ending Support for Bitcoin NFTs
The reason behind the announcement remains largely unspecified, aside from a brief mention that it is “part of its ongoing efforts to streamline product offerings.”
The announcement also covered the cessation of Bitcoin Ordinal airdrop activities on Binance NFT, alongside the launch of the Runestone NFT airdrop.
“For Runestone NFT users who meet the conditions for the Runestone airdrop, Binance NFT had distributed these NFTs to eligible users’ Binance NFT accounts before 2024-04-04 10:00 (UTC),” the exchange said.
Users are required to withdraw these NFTs by 2024-04-10 10:00 (UTC) to ensure they still have the opportunity to receive any associated tokens, utilities, and benefits after April 10.
Binance disclosed it will not be responsible for any losses incurred if users do not withdraw their NFTs before the stated time frame. The firm also noted that the trading of Runestone NFTs will not be supported on Binance NFT.
Binance Reassures Users
Furthermore, Binance NFT will not support any “further airdrops, utilities or benefits associated with Bitcoin NFTs.”
Although the announcement might disappoint certain members of the crypto community, Binance reassured its users that the decision was motivated by a desire to ensure the long-term sustainability and efficiency of its NFT marketplace.
The exchange noted that it remains dedicated and committed to offering various selections of NFTs, though with a renewed focus on alternative assets.
