Binance is removing support for the Polygon network on its marketplace in an effort to “streamline product offerings”.
Binance NFT Marketplace has announced that it will end support for the Polygon Network in a few weeks.
From September 26, users will no longer be able to buy, deposit, offer or list NFTs on Polygon via Binance, a Friday announcement confirms. All impacted listings will be automatically canceled by the platform on September 26, and the corresponding NFTs will be returned to users’ accounts.
Users have until December 31, 2023, to withdraw their Polygon NFTs from Binance.
The decision comes as part of Binance’s “ongoing efforts to streamline product offerings” on the marketplace.
Binance NFT will also be discontinuing The Sandbox NFT Staking Program, also on September 26. Any remaining LAND NFTs staked on the marketplace will be automatically unstaked on September 27 and returned to user accounts the day after, in addition to any remaining SAND rewards.
It’s not all bad news for Polygon
Polygon is an Ethereum L2, and it’s currently the fifth largest NFT network by trading volume, data from Crypto Slam shows.
The network has over $1.2 billion in total sales volume, distributed across 1+ million buyers. Some of the most popular Polygon collections include y00ts, Trump Trading cards and Aww Friends.
On September 5, Casio, a popular Japanese electronics maker, announced it will be partnering with Polygon Labs to launch a collection of G-SHOCK NFTs. The collection will feature 15,000 free-to-mint NFTs, which will allow holders to access the program’s new Discord channel.
Changpeng Zhao: Ignore the FUD
The past year has been a regulatory nightmare for Binance, which has faced a lengthy and public lawsuit from the US Securities and Exchange Commission (SEC). The SEC has accused Binance of 13 serious charges including mishandling investor funds, money laundering and violating securities laws.
Binance has strongly refuted these claims and has called for regulatory reform on many occasions.
In July, a string of Binance executives quit the company, further provoking speculation about the internal health of the company. While they quit on “good terms“, many have speculated that the company is in deeper trouble than it lets on. This was further bolstered last week when product lead Mayur Kamat quit after 20 years of “non-stop product work”.
“I will be cheering Binance from the sidelines,” he said.
Binance CEO changpeng Zhao took to X on September 8 to further quell FUD (fear, uncertainty and doubt), writing that Binance has the “lowest founding team turnover of any tech startup of our size and age, in the world.”
He added that the company has “no liquidity issues”, and that it has “won court cases”, made new hires, established new fiat channels, and has smoothy phased out old products to make space for new ones.
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