- Binance is making its NFT marketplace safer for its customers.
- More than 30 collections have been taken down.
- Binance marketplace is working on authenticity.
Binance NFT Marketplace notified users via Twitter about safeguarding users on their platform on December 9, 2022. They also informed in their tweet that they analyse the NFT collections regularly to assure they continue to meet the high standard.
Notice on Safeguarding Users on Binance NFT Marketplace ⚠️— Binance NFT (@TheBinanceNFT) December 9, 2022
At Binance NFT Marketplace, we periodically review listed NFT collections to ensure that it continues to meet the high level of standard we expect.
In any circumstances where their level of quality does not satisfy their standards, Binance NFT may conduct a more rigorous analysis and remove the NFT collection from their marketplace. They do so because they consider it the most effective way to protect users.
After their research and analysis, they recently deleted and terminated the trading of thirty-two non-fungible token (NFT) collections. On their official blog, they listed all of those accounts. Customers will benefit from their higher level of security and reliability.
Until December 12, Binance users may exchange, deposit, transfer, and list NFTs from the canceled NFT collections for sale on the site. Deposits for prohibited NFTs will no longer be accepted after the stated date, although the withdrawal window will remain open.
Users on Binance can report accounts that breach the platform’s regulations. They also mentioned that any NFTs advertised for sale would be immediately removed from the marketplace by December 12. Those NFTs will be returned to the customer’s profile as collected NFTs.
The Binance NFT market is a place for purchasing and selling virtual art and collectibles. It is driven by Binance’s blockchain technology, which offers customers the greatest liquidity platform for launching and trading NFTs.