Crypto exchange Binance, the world's largest crypto exchange by trading volume, said in a Wednesday announcement, June 3, that users holding transferable NFTs on the platform have until July 3 to withdraw them to Binance Wallet or another compatible wallet as the exchange winds down support for its once-hyped NFT marketplace.
After that date, the current NFT service on Binance will no longer be supported, and NFTs left there will no longer be accessible.
The more awkward corner of the migration involves non-transferable NFTs, including certificates Binance Academy issued to users who completed its crypto education courses.
- Binance Academy, the exchange's education arm, used NFTs as proof that users finished certain crypto education courses, though the announcement doesn't explain which courses or how many holders are affected
- Binance said the assets were coded as non-transferable from the start, meaning users can't withdraw them before the July 3 cutoff.
- The exchange said it will replace the Academy course NFTs with "PDF certificates," but it didn't explain whether the PDFs will carry any comparable authentication or holder-specific verification features.
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The exchange said Binance NFT is being moved into Binance Wallet to provide "a more seamless and integrated NFT experience" with easier access to decentralized features, without elaborating on the matter.
- Binance said up to 100,000 users may receive 1 USDC for an eligible withdrawal of non-CR7 NFTs, meaning NFTs outside its Cristiano Ronaldo-linked collection, to cover at least one withdrawal transaction on BNB Chain or Ethereum.
- For CR7 NFTs, the exchange said users who withdraw by July 3 may receive withdrawal fee reimbursements by July 19, though the announcement doesn't say the reimbursement is guaranteed for every withdrawal.
When Binance launched its NFT marketplace in 2021, the exchange pitched it as a home for NFTs and digital collectibles and said it had worked to deliver the "ultimate, no-compromise NFT experience."
The launch post also said NFT technology had "revolutionized the world of art for good," bringing digital ownership to life for the first time.