Binance announced today that it has decided to tighten the NFT minting rules on its marketplace.
As a result of this new adjustment, all verified users — those who have successfully completed the steps for identity verification — with at least two followers on Binance NFT can now only mint up to five NFTs per day.
The new, harsher rules — which will be operational beginning tomorrow, Jan 20, 2023 — will prevent the creation of low-quality NFTs, as well as potential misuse, scams, or copyright infringements.
Binance will also undertake periodic assessments to ensure that the NFT collections listed on its marketplace are of high quality and adhere to the high standards the platform aspires to maintain.
If those criteria are not met, Binance will remove the NFT collection from its NFT Marketplace, as it did seven days ago when it deleted 16 collections, the majority of which were copycats of popular NFT collections, such as BAYC and Crypto Punk.
Binance has taken various measures to ensure the safety of its marketplace and, more importantly, the best experience for both collectors and creators.
Recent initiatives to improve the user experience include the launch of its Ape NFT Staking Program, which allows users to stake Yuga Labs’ NFTs and earn ApeCoins, and the disclosure of a promotion that allows users to trade selected NFT collections with no trading fees and receive up to 40,000 BUSD in rewards.
In terms of growth, Binance just announced that it has been granted registration by Sweden’s Financial Supervisory Authority (Swedish FSA).