Binance NFT support is moving to Binance Wallet, with users told to withdraw transferable assets by July 3.
Crypto exchange Binance said in a June 3 announcement that it is sunsetting support for the current NFT service on and moving support to Binance Wallet, its crypto wallet.
According to the announcement, users holding transferable NFTs have one month to withdraw them to Binance Wallet or another compatible wallet. After the upgrade is completed on July 3, users will no longer be able to access support for the current NFT service on the exchange.
Moreover, NFTs that aren’t withdrawn by then will no longer be accessible.
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Binance also said non-transferable NFTs can’t be withdrawn because they were coded that way from the start. That means holders won’t be able to move them elsewhere, and Binance says those NFTs will no longer be accessible through the current service after July 3.
The exchange didn’t announce compensation for those NFTs, though Binance Academy will issue PDF certificates to holders whose non-transferable NFTs were used as proof of completed courses.
Binance NFT Withdrawal Fees Get Reimbursed
Binance is offering two withdrawal fee reimbursement programs during the upgrade.
For non-CR7 NFTs, tokens that aren’t part of Binance’s Cristiano Ronaldo-backed CR7 NFT collection, the exchange said up to 100,000 users will be selected to receive 1 USDC▲$0.9997 for an eligible withdrawal.
Binance also said 1 USDC is its estimated cost to cover at least one NFT withdrawal on BNB▼$620.04 Smart Chain or Ethereum.
To qualify, users must withdraw non-CR7 NFTs directly from Binance NFT to Binance Wallet Keyless between June 3 and June 17. The NFTs must have been held on Binance NFT before June 3, the exhcange added.
CR7 NFT holders will have a longer window and can receive fee reimbursement, with credits expected to arrive in eligible users’ spot accounts by July 19.
Read more: Ethereum NFT Platform Foundation Shuts Down
