Binance announced it is ending support for non-fungible tokens on Binance Exchange and moving $NFT management to its self-custodial cryptocurrency wallet, Binance Wallet.
The exchange said this will provide $NFT holders “easier access to Web3 and decentralized features,” according to a Wednesday announcement.
$NFT Holders have until July 3 to remove their transferable NFTs from the platform before they become inaccessible. For non-transferable NFTs that cannot be withdrawn by design, Binance Academy will provide a PDF certificate for course completion.
The decision shows that more and more exchanges are phasing out support for NFTs and refocusing on other areas, such as tokenized assets. Binance is the latest exchange to end support for NFTs following similar moves by other platforms such as crypto exchange Kraken, which has halted operations. $NFT marketplace in February 2025.
$NFT marketplace OpenSea also announced the end of support for BNB Smart Chain-native NFTs in August 2023.
Binance announces a stop $NFT support on Binance Exchange. Source: Binance
Binance offers compensation for $NFT migration
Binance said it will offer two promotions $NFT Reimbursement of recording costs for one month.
The first includes a reimbursement for general costs $NFT withdrawal fees for non-CR7 NFTs. The second concerns a withdrawal fee for CR7 NFTs.
The exchange said it will select up to 100,000 users for the refund, with each receiving 1 $USDC ($USDC) for an eligible $NFT withdrawal, credited to eligible users’ Binance spot accounts by July 3.
The wider $NFT sector has been shrinking for some time. Leading $NFT collections have yet to recover to their previous record high of summer 2022.
CryptoPunk, price bottom, all time chart. Source: NFTPriceFloor.com
CryptoPunks, the largest $NFT aggregated by market cap, currently trading at 30.9 $ETHdown 61% from the all-time high of 80.9 $ETH recorded in July 2022.
The Bored Ape Yacht Club’s bottom price was 7.9 $ETHa 93% drop from the all-time high of 128 $ETH seen in May 2022, according to data from NFTPriceFloor.