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 transition NFT management to its self-custodial Binance Wallet. NFT holders have until July 3 to withdraw transferable NFTs before they become inaccessible, while non-transferable NFTs will be replaced with a PDF certificate. The exchange will reimburse withdrawal fees for eligible users through two promotions.
Why it matters
The move highlights an ongoing trend of exchanges reducing NFT marketplace support and shifting focus toward other areas like tokenized assets. Binance's shift to a self-custodial wallet aims to provide NFT holders easier access to Web3 and decentralized features.
Key context
Other platforms have also wound down NFT support, including Kraken, which closed its NFT marketplace in February 2025, and OpenSea, which halted support for BNB Smart Chain NFTs in August 2023. The NFT market has been declining, with leading collections like CryptoPunks and Bored Ape Yacht Club trading significantly below their 2022 highs.
Key numbers and entities
Binance, Kraken, OpenSea, CryptoPunks, Bored Ape Yacht Club, and NFTPriceFloor. Binance will reimburse up to 100,000 users with 1 USDC each for eligible NFT withdrawals until July 3. CryptoPunks floor price is currently 30.9 ETH (down 61% from 80.9 ETH), and Bored Ape Yacht Club floor price is 7.9 ETH (down 93% from 128 ETH).
What remains unclear
The source does not explain Binance’s long-term strategy for NFT support beyond the wallet transition or how the shift will affect NFT liquidity and user experience in detail. It also does not specify the total volume of NFTs affected or community reactions to the change.