Quick take:
- The crypto exchange company asked users to withdraw their Bitcoin NFTs from the Binance NFT Marketplace before May 18, 2024.
- Users will no longer be able to buy, deposit, bid on, or list NFTs on the Binance NFT Marketplace via the Bitcoin network beginning May 18, 2024, at 06:00 UTC.
- The platform will also cease support for airdrops, benefits, or utilities associated with Bitcoin NFTs.
Binance is ending its support for Bitcoin NFTs, the crypto exchange company announced on Thursday. This announcement comes barely two months after officially enabling the buying, depositing, bidding, selling and listing of Bitcoin NFTs on the Binance NFT Marketplace in February.
In the statement posted on its website, the company said the decision was taken as part of the ongoing efforts to streamline product offerings on the Binance NFT Marketplace. According to the announcement, users will no longer be able to buy, deposit, bid on, or list NFTs on the Binance NFT Marketplace via the Bitcoin network beginning May 18, 2024, at 06:00 UTC.
Therefore, the company is asking users to withdraw their Bitcoin NFTs from the Binance NFT Marketplace before May 18, 2024, 00:00 UTC.
Binance is also ceasing support for Runestone NFTs, a collection of Bitcoin-based non-fungible tokens, which airdropped 112,383 Runestones to early Bitcoin Ordinals faithful last month.
“For Runestone NFT users who meet the conditions for the Runestone airdrop, Binance NFT had distributed these NFTs to eligible users’ Binance NFT accounts before 2024-04-04 10:00 (UTC). Users are advised to withdraw these NFTs by 2024-04-10 10:00 (UTC), to ensure they still have the opportunity to receive any associated tokens, utilities, and benefits after 2024-04-10,” Binance wrote, warning holders that it will not be responsible if they fail to withdraw their NFTs before the deadline.
This announcement comes on the heels of asset manager Franklin Templeton’s positive sentiment on the impact of Bitcoin NFTs on the Bitcoin ecosystem. According to Templeton, Bitcoin Ordinals have helped to drive innovation on Bitcoin.
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