The cryptocurrency exchange known as Binance said on Jan. 19 that it has tightened its policies regarding the listing of non-fungible tokens, often known as NFTs.

All non-fungible tokens (NFTs) that were listed on Binance before October 2, 2022 and had an average daily trading volume of less than $1,000 between November 1, 2022 and January 31, 2023 will be removed from the Binance list as of February 2, 2023. .

Additionally, starting January 21, 2023, NFT artists will only be able to mint a maximum of five digital collectibles each day. Before being allowed to list on the Binance NFT platform, traders must go through the Know Your Customer (KYC) verification process and have a minimum of two followers.

In addition to the updated regulations, Binance said that immediately “listings on the NFT that do not “meet its requirements” would be “regularly reviewed” and “recommended for delisting” if they do not.

Users have the ability to report NFTs or collections that they believe may violate the terms of service or guidelines governing NFT minting on Binance.

Reports of rule violations or fraudulent activity will be fully investigated and our team of investigators will take any necessary corrective action.”

By February 2, 2023, any digital collectible that does not meet the two conditions mentioned above will be automatically delisted.

After that, user wallets will still contain the delisted assets, even if they are no longer publicly traded.

Since earlier this year, authorities have increased their scrutiny of Binance in response to claims that the exchange has been processing illegal funds and has insufficient Know Your Customer (KYC) procedures. Binance has consistently refuted these accusations. Amid money laundering allegations involving Bitzlato that came to light on Jan. 18, the United States Financial Crimes Enforcement Network (FinCEN) stated that Binance was one of the “top three receiving counterparties.” from Bitzlato.

Following the imposition of additional sanctions by the European Union, Binance was among the cryptocurrency exchanges that continued to provide services to the unsanctioned Russians. This was previously reported.