Binance To End Polygon NFTs And Staking Program Support — Is It Streamlining Or Are There Underlying Issues?

Crypto exchange Binance’s NFT marketplace will terminate its support for Polygon to rationalize its product offerings. Starting Sep. 26, users will not be able to purchase, deposit, offer or list Polygon NFTs on the marketplace. This is likely to make way for new offerings or any adjustments to existing services within the Binance NFT ecosystem.

Binance stated that users should withdraw their NFTs via the Polygon Network from the Binance NFT Marketplace by Dec. 31, 2024. Post Polygon removal, Binance NFT will support three blockchains including BNB Chain, Ethereum and Bitcoin.

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Binance initiated support for Polygon in March 2023. Polygon is the blockchain behind MATIC (MATIC-USD), the 14th largest cryptocurrency by market capitalization.

Additionally, support for The Sandbox NFT Staking Program on the Polygon network will end, Binance announced. Users will not be able to stake their LAND NFTs to earn daily rewards in The Sandbox’s native cryptocurrency, SAND. All LAND NFTs currently staked on Binance NFT Marketplace will be automatically unstaked, effective Sep. 27. The assets will be returned to user accounts after Sep. 28.

Meanwhile, Binance has applied for registration in Taiwan for AML compliance. 

See Also: Binance.US Nukes Several Trading Pairs Amid SEC Lawsuit: What Crypto Investors Need To KnowOther Developments

This news comes on the heels of CEO Changpeng “CZ” Zhao shrugging off negative news and rumors around the company, after several top executives left the company in recent months. The CEO also dismissed any rumors about liquidity crunches, lawsuits and product wind-downs.

Separately, Binance also ended support for its native stablecoin, Binance USD (BUSD-USD), in the last week of August, after Paxos halted mining of new BUSD. 

Read Next: Binance Slams Reuters Report On Commingling Customer Funds, Skirts Denying Wrongdoings

Photo: Shutterstock

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