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Binance To Cease Support For Bitcoin NFTs, NFT Market Recovery Doomed? – Crypto News

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1 year ago

April 4, 2024

Dripp

In an unprecedented turn of events, Binance recently unveiled an announcement surrounding the cessation of support for trading Bitcoin NFTs, nabbing significant attention among crypto market traders and investors today, April 4. This announcement, coming as the BTC halving approaches, results from the exchange’s ongoing efforts to streamline product offerings on the Binance NFT Marketplace.

Coming in the midst of an NFT market slump, this announcement by one of the leading exchanges further sparked speculation over NFTs’ potential revival in the crypto space. With Binance deciding to pull the plug on Bitcoin NFTs, the broader NFT market braces for a possible negative impact.

A Closer Look Into Binance’s Announcement

According to the statement released by Binance, the CEX plans to cease support for trades and deposits of Bitcoin NFTs starting April 18 at 06:00 UTC. The firm further urged users to withdraw their Bitcoin NFTs from the Binance NFT Marketplace using the Bitcoin network before May 18, giving users some extra time.

However, starting April 18 at 06:00 UTC, users on the platform will no longer be able to partake in trading activities on the Bitcoin network, including bidding, within the Binance NFT Marketplace. Simultaneously, all affected listing orders will be automatically nullified on the same date and time.

Meanwhile, the firm further forewarned users that it would not support any airdrops, benefits, or utilities associated with Bitcoin NFTs subsequent to April 10. In the interim, Binance’s announcement also highlighted noteworthy updates to Runestone NFT users.

Also Read: Binance Executive’s Detention in Nigeria Extended, Tax Evasion Charges Persist

Binance Engulfs Bitcoin Ordinals Runestone Users

In addition to the aforementioned shutdown of operations orbiting Bitcoin NFTs, the firm’s announcement also engulfed Bitcoin ordinal Runsestone users. Intriguingly, Binance claims to have distributed eligible wallets Runestone NFTs following its attention-grabbing airdrop earlier this year.

Now, with the firm’s plans to halt NFT-related activities on the Bitcoin network, Binance additionally urged users to withdraw Runestone NFTs by April 10 at 10:00 UTC if they wanted any associated tokens, utilities, and benefits related to these tokens. Further, the firm cautioned users that it would not be responsible for any losses incurred due to users’ negligence.

This move by one of the globally leading CEXs further added to negative sentiments in the NFT community as it closed the door to one of the leading NFT chains. Moreover, coming in tandem with the ongoing NFT market slump, Binance’s decision further raises bearish concerns among investors encircling the potential revival of the NFT realm.

Also Read: Trader Turned $100 Crypto Investment Into $8.3 Million In A Week; Here’s How He Did It