05 Apr

By introducing Bitcoin NFTs to its NFT marketplace in 2023, Binance created history and became the fourth blockchain to be enabled on the platform. At the time, the calculated move put the cryptocurrency exchange in a position to profit from the growing Ordinals market, particularly as it reached its high.

Less than a year later, however, in an unexpected turn of events, Binance shocked everyone by removing Ordinals off its platform despite the asset class's soaring popularity.

Binance Removes NFTs for Bitcoin from its List

Binance stated in a blog post on Thursday, April 4, that after April 10, it will no longer offer Bitcoin NFTs and would no longer provide any airdrops, benefits, or utilities related to the asset class.

The cryptocurrency exchange gave the justification for this move as "ongoing efforts to streamline product offerings" on its NFT marketplace.

By April 18, Binance will no longer support Bitcoin NFT deposits and trading as part of this change. This implies that on the date of the cancellation of current orders, users will not be able to purchase, bid on, or list NFTs on the marketplace. Additionally, consumers have been encouraged by the exchange to remove their Bitcoin NFTs by May 18 at midnight.

Binance made it clear that individuals who fulfilled the requirements for the most recent Runestone airdrop have gotten their NFTs by April 4 with regard to Bitcoin-based Runestone NFTs.

There are questions about Binance's choice, particularly in light of Ordinals' rising prominence. The sector has seen a surge in several projects lately; some have increased by over 50% in the last month, surpassing the market value of blue-chip NFTs such as Bored Ape Yacht Club (BAYC).

The action by Binance to withdraw Bitcoin Ordinals from its platform comes as a shock, particularly given the continued spike in interest in the Ordinals market.

April 2024, Cryptoniteuae

* The email will not be published on the website.