SNEAK PEEK
- Binance is discontinuing support for NFTs linked to the Polygon Network.
- Binance launched support for Polygon-based NFTs less than a year ago, aiming to become a multichain, open marketplace ecosystem.
- The decision occurs during a challenging year for Binance, which faces legal scrutiny from U.S. regulatory agencies.
Binance, a leading cryptocurrency exchange, has announced it will discontinue support for non-fungible tokens (NFTs) linked to the Polygon Network. The decision comes less than a year after the exchange initially launched support for Polygon-based NFTs.
According to a recent blog post from Binance, users will have until the end of this month to buy, deposit, or list NFTs from the Polygon Network. Moreover, they will have until year-end to withdraw their Polygon NFTs from Binance’s marketplace.
The company stated that this move is part of a broader strategy to streamline its product offerings. Binance is also ending a staking program related to NFTs from the Web3 gaming platform, The Sandbox, which operates on the Polygon Network. Introduced in March, the support for Polygon NFTs was part of Binance’s plan to evolve into a multichain, open marketplace ecosystem.
This announcement comes amid a turbulent year for Binance, which has faced multiple challenges, including legal scrutiny. Regulatory agencies such as the U.S. Commodities Futures Trading Commission (CFTC) and the U.S. Securities Exchange Commission (SEC) have brought charges against the exchange. Despite these setbacks, Binance has vowed to defend itself vigorously.
Additionally, the company has seen a series of high-profile departures. Top executives like Chief Strategy Officer Patrick Hillmann and General Counsel Han Ng have left the firm. Bloomberg also reported that several regional heads have recently exited the company. In response, Binance CEO Changpeng Zhao refuted these reports in a recent post, asserting that the company has one of the lowest founding team turnovers among tech startups of its size and age.
Saw some debates in the community. When you do the right thing, and there is FUD, you don’t have to do anything. The community defends you.
Let me summarize. There have been a lot of negative news/rumors, bank runs, lawsuits, closing of fiat channels, product wind downs,…
— CZ 🔶 Binance (@cz_binance) September 7, 2023
Binance’s decision to phase out support for Polygon NFTs is part of a larger trend of narrowing its focus. The exchange recently ended support for its native stablecoin, BUSD, after its partner Paxos stopped minting it. Binance has also terminated its crypto card partnerships with Visa and Mastercard in certain countries.
Binance’s NFT marketplace will continue to support three blockchains: BNB Chain, Ethereum, and Bitcoin. Neither Binance, Polygon nor The Sandbox have responded to requests for comment on these recent changes.
