Binance Cracks Down on Derivative NFT Collections

Binance will remove 17 collections from its NFT platform that don’t meet standards.
Binance Cracks Down on Derivative NFT Collections

In a bid to improve quality and authenticity, Binance has announced it will remove 17 NFT collections listed on the Binance NFT marketplace. 

Of the removed collections, most were derivatives or straight rip-offs of popular Ethereum-based collections with the likes of Bored Ape Yacht Club (BAYC), CryptoPunks, and Lazy Lions. 

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BAYC derivative “Binance Bored Ape”

“We periodically review listed NFT collections to ensure that it continues to meet the high level of standard we expect,” wrote the announcement. 

Effective January 18, 2023, at 23:59 (UTC), Binance will no longer permit the trading, depositing, or listing of NFTs within the 17 collections.

These NFTs will be returned to their owners’ accounts under the “Collected NFTs” section on their profile on the specified date.

Binance also stated that users can report NFTs and collections that potentially violate Binance NFT’s Minting Rules and ToS. 

Binance’s NFT marketplace launched in June 2021, enabling users of the centralized exchange to buy and sell BNB Chain-based NFTs within their existing Binance accounts. Binance NFT also now supports Ethereum-based NFTs.

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