"Who knows, this might be good for everyone."
Cryptocurrency exchange giant Binance is tightening its rules on non-fungible token (NFT) listings.
It is reported that starting in early February, Binance will delist NFTs listed before October 2, 2022 as well as digital collections that have an average daily trading volume below $1,000.
Meanwhile, NFT artists after January 21, 2023 can only mint their work as many as five digital collections per day.
Through the tightening of these rules as well, individuals who intend to list their NFTs must complete Know Your Customer (KYC) and have a minimum of two followers and if they do not meet that standard the seller will be immediately delisted.
Users are allowed to report any collection of NFTs that may violate NFT mint rules or terms of service through Binance so that its team can take appropriate action against the seller.
In the meantime, Binance was informed that it had to implement KYC measures following the regulator since last year accusing their company of having weak KYC although they denied it.
In addition, the company was charged by the United States (US) Financial Crimes Enforcement for complicity in the money laundering of Bitzlato which offered services to Russian citizens.
