SNEAK PEEK
- Binance has tightened its guidelines for nonfungible token listings, according to a statement from January 19.
- All digital collectibles that don’t meet the two requirements by February 2, 2023, will be taken off the market automatically.
- Additionally, Binance, the biggest exchange for digital assets in the world, recently disclosed that it was increasing its presence in Poland.
According to a Jan. 19 statement, Binance has tightened its rules for nonfungible token listings. Beginning on February 2, 2023, Binance will delist any NFTs that were listed before October 2, 2022, and had an average daily trading volume of less than $1,000 between November 1, 2022, and January 31, 2023. After January 21, 2023, NFT artists are only permitted to produce a maximum of five digital collectibles per day.
Binance NFT requires merchants to complete the Know Your Customer (KYC) authentication process and have a minimum of two followers before they may sell on its website. Additionally, Binance stated that it will immediately “periodically assess” NFT listings that did not “meet its requirements” and recommend delisting them in addition to the new criteria.
By February 02, 2023, all digital collectibles that don’t match the two criteria will be taken off the market automatically. After that, users’ wallets will still contain the delisted assets. Since last year, officials have been closely monitoring Binance due to claims that it took inadequate KYC procedures and participated in the processing of illicit funds, both of which the exchange has refuted.
Additionally, the largest digital asset trading platform in the world, Binance, recently announced that it was expanding its presence in Poland and that it would continue to adhere to the nation’s regulations for virtual asset service providers (VASPs).
The establishment of the company’s local entity that complies with regulatory standards will assist the expansion in 2023. To continue using the platform’s services, Polish users must agree to new terms and conditions with Binance Poland.
The United States Financial Crimes Enforcement Network asserted that Binance was one of the “top three receiving counterparties” to Bitzlato amid the money laundering charges involving Bitzlato that appeared on Jan. 18. Following new sanctions from the European Union, Binance was among the exchanges that kept supporting non-sanctioned Russians.
