FacebookTwitterLinkedInTelegramCopy LinkEmail
NFTs and Metaverse

Polygon Network NFTs Bid Farewell on Binance

Polygon Network NFTs Bid Farewell on Binance

Binance, the world's largest cryptocurrency exchange, recently made an official announcement regarding significant changes to its NFT offerings.

As of this month’s end, Binance will discontinue its Sandbox NFT Staking Program. Furthermore, Polygon network support will no longer be available on the Binance NFT Marketplace, which also includes the discontinuation of Polygon-based LAND NFT staking.

This decision has been carefully considered by Binance, with a focus on enhancing the overall product offerings within the Binance NFT Marketplace. Beginning September 26, users can no longer stake their LAND NFTs hosted on the Polygon Network to earn SAND rewards. Binance will automatically unstake all LAND NFTs and return them to users’ accounts by the close of the month.

Additionally, Binance will cease its support for NFTs on the Polygon network starting September 26. Users are encouraged to withdraw their Polygon-based NFTs from the Binance NFT Marketplace by December 31.

READ MORE: Crypto Lender Genesis Battles DCG Over $500M Debt

It’s important to note that all activities related to buying, depositing, offering, or listing NFTs from the Polygon Network on Binance NFT Marketplace will be discontinued.

Furthermore, Binance’s recent decisions to delist certain cryptocurrency assets, including Cardano (ADA) and Polygon (MATIC) perpetual contracts and the removal of liquidity pools, have been influenced by regulatory actions such as lawsuits from the SEC and CFTC. These changes took place on August 17 and September 1, respectively, in response to evolving regulatory considerations.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

Learn more about crypto and blockchain technology.