Binance to end NFT support on exchange, shift service to wallet
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Binance announced it will end NFT support on its exchange and transfer NFT management to its self-custodial Binance Wallet. NFT holders must withdraw transferable NFTs by July 3 before they become inaccessible. Binance will reimburse withdrawal fees for eligible users during this period.
Why it matters
The shift to wallet-based NFT management aims to provide holders with easier access to Web3 and decentralized features. The move reflects a broader industry trend of exchanges winding down NFT support and focusing on other asset types.
Key context
Other platforms like Kraken and OpenSea have also reduced NFT support recently, with Kraken shutting its NFT marketplace in February 2025 and OpenSea halting support for BNB Smart Chain-native NFTs in August 2023. The NFT market has been in decline, with leading collections like CryptoPunks and Bored Ape Yacht Club trading significantly below their 2022 highs.
Key numbers and entities
Binance is ending NFT support on its exchange by July 3, offering fee reimbursements capped at 100,000 users with 1 USDC credited per eligible withdrawal. CryptoPunks’ floor price is at 30.9 ETH (down 61% from 80.9 ETH), and Bored Ape Yacht Club’s floor price is 7.9 ETH (down 93% from 128 ETH). Other entities include Kraken and OpenSea.
What remains unclear
The source does not specify details about the user experience or functionality of NFT management on Binance Wallet going forward. It is also unclear how non-transferable NFTs will be handled beyond the certificate issuance.