BlocksInform
In the words of a jan. 19 announcement by Binance, the cryptocurrency exchange has tightened its rules for nonfungible tokens, or NFT, listings. As of February 2, 2023, all NFT entered in the BINANCE prior to Oct. Effective November 2, 2022, with an average daily trading volume of less than $1,000 between November 1, 2022 and January 31, 2023, will be removed from the list. Furthermore, after Jan. 21, 2023, NFT artists can only produce five digital collectibles a day.
Nft binance requires sellers to complete the knowledge check of your client (kyc) and have at least two subscribers prior to registration on his platform. In addition to the revised rules, the binance stated that it would immediately "periodically" examine NFT lists that "do not meet its standards" and that it would recommend them for delisting.
"Users can report NFT or collections that may violate the rules and terms of service of the nft minting binance. Our due diligence team will actively review and respond to reports of fraud or rule violations."
All digital collector items that do not meet both of the above requirements will automatically be removed from the list by February 2, 2023. The assets removed from the list will remain in the user portfolios thereafter. Binance has come under intense scrutiny by regulators since last year over allegations of lax KYC measures and their role in processing illicit funds, which the exchange has denied.
Amidst the Bitzlato money laundering allegations that surfaced on Jan. 18, the United States Financial Crimes Enforcement Network (FinCEN) claimed that Binance was among the "top three receiving counterparties" to Bitzlato. As previously reported, Binance was among exchanges that continued to serve non-sanctioned Russians following new sanctions from the European Union.
