Binance tightens rules on NFT listings

According to a Jan. 19 announcement by Binance, the cryptocurrency speech has tightened its rules for nonfungible tokens, oregon NFT, listings. Starting Feb. 02, 2023, each NFTs listed connected Binance earlier Oct. 2, 2022, and person an mean regular trading measurement little than $1,000 betwixt Nov. 1, 2022, and Jan. 31, 2023, volition beryllium delisted. In addition, aft Jan. 21, 2023, NFT artists tin lone mint up to 5 integer collectibles per day. 

Binance NFT requires sellers to implicit know-your-customer (KYC) verification and person astatine slightest 2 followers earlier listing connected its platform. In summation to the revised rules, Binance said it would forthwith "periodically review" NFT listings that bash not "meet its standards" and urge them for delisting.

"Users tin study NFTs oregon collections that whitethorn beryllium successful usurpation of Binance NFT minting rules and presumption of service. Our owed diligence squad volition actively reappraisal reports of fraud oregon regularisation violations and instrumentality the due actions."

All integer collectibles not gathering the aforementioned 2 requirements volition beryllium automatically delisted by Feb. 02, 2023. The delisted assets volition inactive look successful users' wallets afterward. Binance has travel nether intense scrutiny by regulators since past twelvemonth implicit allegations of lax KYC measures and their relation successful processing illicit funds, which the speech has denied. 

Amidst the Bitzlato wealth laundering allegations that surfaced connected Jan. 18, the United States Financial Crimes Enforcement Network (FinCEN) claimed that Binance was among the "top 3 receiving counterparties" to Bitzlato. As antecedently reported, Binance was among exchanges that continued to serve non-sanctioned Russians pursuing caller sanctions from the European Union.