Binance NFT Cuts Polygon from Its Roster, Should You Worry?

Despite Polygon’s burgeoning status in the NFT industry, Binance is pulling the plug on Polygon NFTs.

Head and hand of a man popping out of floating Polygon logos refuting something.
Created by Gabor Kovacs from DailyCoin
  • Tensions between Binance and Polygon rise as the exchange’s NFT subsidiary drops and cuts ties with the network. 
  • Binance shared unconvincing reasons for its decision. 
  • Although Binance hasn’t shared many details, the community has made some convincing speculations. 

From solvency concerns to trading pair delistings, Binance problems continue to pile on. Adding to its extensive list of issues, the exchange is now cutting Polygon NFTs from its marketplace, citing several unconvincing reasons. 

With Polygon considered a titan in the NFT space, should Binance removing Polygon NFTs from its platform be considered worrisome?

Binance Ends Support for Polygon NFTs

On Friday, August 8, Binance announced a major overhaul of its NFT marketplace. The exchange shared that ‘after careful consideration and evaluation,’ it would discontinue several programs, including ‘The Sandbox NFT Staking Program’ and support for Polygon NFTs. 

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Binance NFT reasoned that it primarily aims to streamline its product offerings. Effective September 26, users can no longer buy, deposit, offer, or list NFTs from the Polygon Network on Binance NFT Marketplace. Binance noted that all impacted listings would be automatically canceled, and the corresponding NFTs would be returned to users’ accounts. 

https://twitter.com/TheBinanceNFT/status/1700071732072387053?s=20

Binance strongly recommended that users withdraw their Polygon-based NFTs from the marketplace by September 31 to avoid disruptions. 

Although Binance has assured that it will provide more details later, considering Polygon’s status in the NFT space, the exchange’s decision to end support for the network doesn’t make sense for many community members. 

Why is Binance Cutting Ties with Polygon? 

At press time, Polygon ranked third by NFT sales volume, recording over $32 million in sales over the past month, per data aggregator CryptoSlam. 

Blockchains by NFT Sales Volume rankings.

Although Binance hasn’t explicitly stated the reasons behind its decision, some speculate that regulatory pressures and concerns about Polygon’s unregistered security status might have played a role.

The exchange recently delisted all BUSD pairs and Cardano pairs, which regulators have scrutinized. 

Adding to potential reasons, there have been rumors circulating that Polygon Foundation dumped MATIC on Binance, which may have led to the exchange cutting ties. While uncertainties, rumors, and speculations pile up surrounding Binance, the exchange’s topman, Changpeng “CZ” Zhao, assured that everything is safe, dispelling any concerns amid these turbulent times. 

On the Flipside

Why This Matters

Polygon is one of the most decorated networks in the NFT space, hosting some of the biggest names in the industry. Binance’s sudden decision to drop the network reveals a worrying trend. 

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.