BINANCE INTENSIFIES ITS NFT LISTING PROCESS – BITNATION

Binance Implements Stricter NFT Listing Rules Amid Regulatory Scrutiny

Crypto giant Binance has tightened its requirements for nonfungible token listings, according to a release shared on Thursday, January 19. All NFTs listed before October 2, 2022, and having an average daily trading volume of less than $1,000 between November 1, 2022, and January 31, 2023, will be delisted by Binance starting on February 2, 2023. The new rule states that NFT artists are allowed to mint five digital collectibles per day after January 21.

The revised rules come as several regulators have turned their attention to Binance and its operation. The crypto exchange requires NFT sellers to complete KYC verification before listing their digital items. Binance said it would consider delisting projects that do not complete such procedures or have the required two followers.

According to the post,

Users can report NFTs or collections that may be in violation of Binance NFT minting rules and terms of service. Our due diligence team will actively review reports of fraud or rule violations and take the appropriate actions.

Since the November collapse of crypto exchange FTX, regulators have increased their scrutiny of other crypto exchanges. Binance has also become a prime target. A US Drug Enforcement Administration investigation claimed that a methamphetamine and cocaine gang operating throughout the US, Mexico, Europe, and Australia used Binance to launder tens of millions of dollars in drug revenues. The DEA said that between $15 and $40 million in illicit funds may have been laundered through Binance.

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The case offers unique insight into the growing use of cryptocurrencies by drug dealers operating out of Mexico to hide illegal business dealings. At the same time, it demonstrates how closely federal authorities collaborate with crypto exchanges to track organized crime and illegal crypto transactions, which were originally portrayed as untraceable.