Binance NFT Listing Rules: What You Need to Know

What’s New in the NFT World?

In a recent shakeup to the digital collectible marketplace, Binance has decided that it’s time to clean house. Starting February 2, 2023, NFTs that were listed before October 2, 2022, and boast a paltry average daily trading volume of less than $1,000 between November 1, 2022, and January 31, 2023, will be shown the door. Yes, you heard that right. If your precious NFT hasn’t been pulling its weight, it might soon become an ex-NFT.

Mint Less, Get More?

But wait, there’s more! Effective January 21, 2023, NFT artists looking to mint new creations will be limited to just five digital collectibles a day. This means if you were planning a minting frenzy, think again. It’s like a diet for NFT enthusiasts. Less is more, they say—unless you’re stocking up on virtual pizza.

Getting Legit with KYC

Binance is cracking down on its verification processes. Sellers, listen up! To list an NFT, you’ll need to complete Know Your Customer (KYC) verification and have at least two followers. Yes, two! So, if you’ve been flying under the radar and hoping to sell your digital masterpieces unnoticed, you’ll need to make some friends in the digital space.

Periodic Reviews of Friendliness

In a move reminiscent of a strict teacher, Binance has announced it will conduct “periodic reviews” of NFT listings that don’t meet its standards. So, if you thought your NFT could stay hidden in the depths like the last slice of cake, think again. Users have the power to report NFTs or collections they suspect may violate the minting rules, and Binance’s due diligence team is on the case—like a digital Sherlock Holmes.

The Bigger Picture

Regulatory scrutiny has been hot on Binance’s trail for a while now. Allegations of lax KYC practices and connections to possible money laundering operations have recently created quite a stir. You wouldn’t want to be put in the company of the “bad kids” at school, would you? But amid these serious allegations, Binance has denied any wrongdoing. The crypto world can be a soap opera, folks—keep an eye on the latest twists and turns!