Binance Ends NFT Support on Exchange and Moves Services to Binance Wallet

Binance has announced that it will discontinue support for non fungible tokens (NFTs) on its exchange platform and transfer NFT management services to Binance Wallet, the company’s self-custodial crypto wallet.

The move is aimed at giving users easier access to Web3 services and decentralized features while allowing them to manage their digital collectibles directly through a non custodial environment.

Users have until July 3 to withdraw eligible NFTs from the exchange. After that date, transferable NFTs that remain on the platform may no longer be accessible. For non-transferable NFTs, including certain educational achievement tokens, users will receive PDF certificates as proof of completion.

Binance Offers NFT Withdrawal Fee Reimbursement

To support the transition, Binance has introduced two reimbursement programs covering NFT withdrawal fees. One program applies to general NFT collections, while another is dedicated to CR7 NFTs.

The exchange said up to 100,000 eligible users will receive a reimbursement of 1 USDC for each qualifying NFT withdrawal. Rewards will be credited to users’ spot accounts by July 3.

NFT Market Continues to Face Challenges

The decision reflects a broader shift across the crypto industry as exchanges reduce their focus on NFTs and place greater attention on tokenized assets and blockchain-based financial products.

The NFT market has struggled to regain the momentum seen during the 2021 and 2022 boom. CryptoPunks, one of the largest NFT collections, currently trades around 30.9 ETH, down about 61% from its peak of 80.9 ETH in July 2022.

Meanwhile, the Bored Ape Yacht Club collection has fallen even further, with a floor price near 7.9 ETH, representing a decline of roughly 93% from its all-time high of 128 ETH recorded in May 2022.

Binance’s decision highlights changing priorities within the digital asset industry. As investor interest increasingly moves toward tokenized securities, stablecoins and blockchain based financial infrastructure.