To stop Binance Exchange NFT services, move management to Binance Wallet
Binance has announced that it will end support for non-perishable tokens on Binance Exchange and move NFT management to its own cryptocurrency wallet, Binance Wallet.
The exchange said this will provide NFT holders “easy access to Web3 and decentralized features,” in a Wednesday announcement.
NFT holders have until July 3 to withdraw transferable NFTs from the platform before they become accessible. For non-transferable NFTs that cannot be issued by design, Binance Academy provides a course completion certificate.
The decision suggests that more exchanges are dropping support for NFTs and focusing on other areas such as token assets. Binance is the latest exchange to reduce support for NFTs, following similar moves by other platforms such as crypto exchange Kraken, which closed its NFT marketplace in February 2025.
NFT marketplace OpenSea has announced that it will end support for BNB Smart Chain-NFTs in August 2023.
Binance has announced that it has discontinued NFT support on Binance Exchange. Source: Binance
Binance to provide compensation for NFT migration fees
Binance says it will offer two promotions for NFT withdrawal fees for a month.
The first involves compensating general NFT exit fees for non-CR7 NFTs. The second involves an exit fee for CR7 NFTs.
The exchange said it will select up to 100,000 users for the payout, 1 USDC each for eligible NFT withdrawals, for eligible users' Binance spot accounts until July 3.
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The broader NFT sector has been in decline for some time now. Leading NFT clusters have yet to recover to their previous all-time highs in the summer of 2022.
CryptoPunk, floor price, all time chart. Source: NFTPriceFloor.com
CryptoPunks, the largest NFT pool by market capitalization, is down 61% from its July 2022 high of 80.9 ETH.
Board Up Yacht Club's floor price was trading at 7.9 ETH, down 93 percent from its May 2022 high of 128 ETH, according to NFTPriceFloor data.
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