Binance launches bitcoin NFTs amidst SEC lawsuit
Binance has added bitcoin non-fungible tokens (NFTs) to its marketplace only one day after the U.S. Securities and Exchange Commission (SEC) filed a complaint against the business.
In addition to BTC DeGods, Bitcoin Bandits, Bitcoin Frogs, Bitcoin Pizzas, and Bitcoin Punks, this cryptocurrency exchange’s NFT marketplace will now feature over 25 collections of bitcoin NFTs.
The bitcoin community and the cryptocurrency industry are now fixated on NFTs related to bitcoin because of their sudden prominence as a trendy issue. Introducing the ordinals protocol has made it possible to create these digital collectibles.
Ordinals allow the “Inscription” of information like text or pictures onto the lowest unit of bitcoin, the satoshi. Since their introduction, demand for these Inscriptions has skyrocketed, with Dune Analytics reporting more than a million.
As the number of NFTs on the Bitcoin blockchain increases, so does interest in BRC-20, a token standard that, like ethereum’s ERC-20, makes it easier to create tokens.
Within 48 hours of the regulatory action, Binance offered bitcoin NFTs on its marketplace, showing that it was unfazed by the SEC complaint. Like FTX’s Sam Bankman-Fried, Binance CEO Chanpgeng Zhao (CZ) is named in the case and accused of commingling money at the cryptocurrency exchange.
Binance has responded by disputing the charges and criticizing securities authorities for their lack of clarity and fairness in regulating the new digital asset sector.
The popular cryptocurrency exchange Coinbase has been sued by the Securities and Exchange Commission (SEC) for unregistered securities trading and other breaches. The federal government’s watchdog has lately discriminated against bitcoin businesses.
In addition, the cases argue that digital currencies like solana’s (SOL) and polygon’s (MATIC) are securities and hence should be regulated as such. None of the complaints filed against Binance, CZ, or Coinbase claim that ETH is a security.
