Binance removes some NFT collections from its marketplace

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NFT
Binance removes some NFT collections from its marketplace

Binance decided to remove some NFT collections from its marketplace, and many popular NFTs are on the list.

A bid to protect users

The NFTs which will be removed are Rainbow STEPN x ASICS NFT, Super Ape Yacht Club, The Crazzy Lions, BSC Ape Yacht Club, New Moon, Meta Ape Yacht Club, Bluepunks, Space Degen Gang, Crypto Lionesses, NFT SeCReT, Mutant Ape Yacht Clubs, Cyber Punk Yacht Club, Ethereum official, Unique bears, Lady Ape Club, and above all, Binance Bored Ape.

Binance cited in the announcement post that they reviewed every listed NFT collection on the Binance NFT Marketplace to ensure that they all meet the high standards they expect. The exchange then listed the ones that did not meet the standards for removal from the marketplace. Usually, Binance carries out the procedure to protect its users.

NFT owners will receive their NFTs under their profiles

As of Jan.18, 2023, 23:59 (UTC), users will no longer be able to trade, deposit, or list NFTs from the listed collections on Binance NFT Marketplace. Binance will remove the NFTs listed on the site on the said date from their owners. They will then return them to their accounts under Profile > Collected NFTs.

The deposits for NFTs made from these collections will only be available on the same day. However, withdrawals from these NFTs will still be allowed.

If a user reports a collection that violates the terms and conditions of Binance NFT, the platform’s moderation team will investigate the report. It will also look into reports of malicious or fraudulent content. Meanwhile, the English version will prevail if there is a discrepancy between the original and the translated version.

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Samuel Mbaki Wanjiku

Samuel is an adventurous person who likes to explore topics in-depth and learn new things each day. His passion lies in gaining knowledge to help transform the world through his writing skills. He also believes in blockchain technology and its potential to usher in a cashless society. Currently, he is pursuing a Computer Science Bachelor’s degree driven by his fascination with emerging technologies. He has writing experience of about three years in different fields and two in blockchain technology.