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Binance to cease support for all Bitcoin NFTs

Binance to cease support for all Bitcoin NFTs

Binance has announced an end to platform support for Bitcoin NFTs.

Ordinals, or NFTs on the Bitcoin blockchain, have exploded in recent months even as the broader ecosystem experienced a lull.

Binance announces end to Bitcoin NFTs support

A blog post published on Thursday noted that the trading of Bitcoin NFTs on the Binance NFT marketplace ends on April 18. The exchange has advised all users to to withdraw all their Bitcoin NFTs via the BTC network before May 18.

Starting from 2024-04-18 06:00 (UTC), users will no longer be able to buy, deposit, bid on, or list NFTs on the Binance NFT Marketplace via the Bitcoin network,” Binance said in a notice on April 4.

Binance will also cancel all listing orders on April 18, while its NFT marketplace will end all support for Bitcoin NFT airdrops and other related activities after April 10.

Runestone NFT holders also have until April 10 to withdraw their assets “to ensure they still have the opportunity to receive any associated tokens, utilities, and benefits.”

Binance stated that the decision to end support for NFTs on Bitcoin is “part of its ongoing efforts to streamline product offerings.”

The exchange added Bitcoin NFTs to its marketplace in June 2023.

Meanwhile, the Bitcoin ecosystem has seen a spike in Layer-2 and Ordinals projects as developers look to tap into the Bitcoin network’s security and reliability.

Recently launched projects that might have eyed the Binance NFT Marketplace may have to reconsider their options.

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