Just-In: Binance Pulls Plug On NFT Service, Sets 1-Month Deadline To Withdraw Assets
Highlights
- Binance has announced the shutdown of NFT services on its exchange.
- The platform is urging users to withdraw their NFT assets within the next one month.
- Users will lose access to their assets if not withdrawn before the July 3 deadline.
Binance, the world’s largest crypto trading platform, announced the termination of NFT service on the exchange. It has provided users with a one-month window to transfer the NFTs that can be transferred in order to ensure their continued support.
Binance Cessation of NFT Services On Its Exchange
According to the notice on June 3, the crypto exchange will move its NFT feature and transfer NFT management to Binance Wallet. The transition is designed to provide a “more seamless and integrated NFT experience.” This will enable the Web3 and decentralized features to be accessed via the wallet platform, the exchange said.
To comply with the transition process, Binance announced that users who have NFTs that are transferable will need to withdraw their assets from the exchange between June 3 and July 3, 2026. It noted that users can move their NFTs to Binance Wallet or “any other compatible wallets of their choice” to continue holding the assets.
The exchange stated that users of the current NFT service will not be able to access it after the migration. It noted that “users will no longer access support for the current NFT service on Binance Exchange” after July 3. Thus, it cautioned that NFTs that remain on the platform after the deadline has passed “will no longer be accessible.”
In order to help with the transition process, Binance will send notifications to users who have transferable NFTs. Further, it will send reminders about the migration process during the one-month deadline period.
This update comes on the heels of the exchange launching tokenized U.S. stocks and ETFs trading on its platform. These products are available non-U.S. users to bost exposure of U.S. stocks in international market.
What About Non-Transferable NFTs?
The company also explained about the non-transferable NFTs. These are assets that were built not to be transferable and can’t be withdrawn from the platform, Binance explained. Therefore, these NFTs are also going to become unavailable after July 3, 2026.
Alternate documentation will be provided to some of the users who are impacted by the change. The educational arm of Binance, Binance Academy, would be giving a PDF certificate to those who held non-transferable NFTs to signify they have completed courses under the academy.
In a separate update, Binance introduced SpaceX pre-IPO perpetual futures. As of the latest update, these products gained massive traction upon launch.
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