According to a January 19 announcement, cryptocurrency exchange Binance reinforced its rules for listing non-fungible tokens. Starting February 2, 2023, Binance will remove all NFTs listed before October 2, 2022 and with an average daily trading volume below $1,000 between November 1, 2022 and January 31, 2023. Additionally, after January 21, 2023 , NFT artists can only mint up to five digital collectibles per day.

Binance NFT requires sellers to complete Know Your Customer (KYC) verification and have at least two subscribers before registering on its platform. In addition to the revised rules, Binance said it will “periodically review” NFT listings that do not “meet its standards” and recommend their removal.

“Users can report NFTs or collections that may violate NFT Minting Rules and Binance’s Terms of Service. Our due diligence team will actively investigate reports of fraud or rule violations and take appropriate action.”

Any digital collectibles that do not meet both requirements will be automatically deleted by February 02, 2023. Deleted assets will still appear in users’ wallets thereafter. Binance comes under scrutiny regulators since last year over allegations of lax KYC measures and its role in handling illicit funds, which the exchange denies.

Amid Bitzlato money laundering allegations that surfaced on January 18, the United States Financial Crimes Enforcement Network claimed that Binance was among Bitzlato’s “top three receiving counterparties”. As previously reported, Binance was among the exchanges that continued to respond Unsanctioned Russians after new EU sanctions.

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