- Binance has announced it will end support for Bitcoin-powered collectibles on its NFT marketplace
- The marketplace will also cease support for airdrops and other activities connected to such events
- The decision will take effect from April 18
Crypto exchange Binance has announced that it will no longer facilitate trading of Bitcoin NFTs on its collectibles’ marketplace Binance NFT. According to the exchange, the move will also include airdrops or utilities tied to Bitcoin-powered collectibles. The platform has asked those using Binance NFT to interact with such assets to withdraw their assets before April 18, a decision that goes against other marketplaces like Magic Eden that are increasing their interaction with Bitcoin-based collectibles.
Withdraw to Receive Benefits
In a statement, the exchange revealed that the decision was influenced by the need to “streamline” products offered on its collectibles’ marketplace. Binance noted that beneficiaries of the Runestone airdrop need to withdraw their Runestones before April.
According to the exchange, the decision to sunset support for Bitcoin-powered NFTs means that it won’t allow the trading of Runestones. It also added that withdrawing Runestones before April 10 allows its holders “to still have the opportunity to receive any associated tokens, utilities and benefits.”
Binance’s abrupt move comes roughly a year after it declared support for Bitcoin Ordinals in June last year. At the time, the exchange promised to help open up the Bitcoin NFT ecosystem, adding that integrating with the Bitcoin blockchain “elevates Binance NFT to a multi-chain, open marketplace ecosystem.”
The decision comes four months after soccer icon Cristiano Ronaldo was accused of promoting the exchange while launching his own collection on the exchange. Ronaldo partnered with Binance two years ago and has two collections on Binance NFT.
Binance Executives Detained in Nigeria
The exchange is currently entangled with authorities in Nigeria with some exchange executives detained in the country.
Nigerian authorities claim that Binance and its executives evaded paying tax. The exchange’s former CEO, Changpeng Zhao, was fined $50 million by U.S. authorities for failing to thwart money laundering on the platform.
With Binance NFT discontinuing support for Bitcoin NFTs, it’s unclear whether such collectibles failed to have a positive economic impact on the platform.
