Binance Discontinues NFT Services on Main Platform, Transitions to Wallet Solution
The cryptocurrency exchange Binance has announced plans to transition NFT functionality from its main platform to its self-custody wallet product, giving account holders 30 days to transfer their digital collectibles.
In a recent announcement, Binance revealed plans to discontinue non-fungible token functionality on its primary exchange platform, transitioning NFT services to Binance Wallet, the company's self-custodial digital asset storage solution.
According to a statement released on Wednesday, the platform indicated this transition would grant NFT owners "easier access to Web3 and decentralized features."
Users holding NFTs on the platform face a deadline of July 3 to move their transferable non-fungible tokens off the exchange before access is permanently removed. Regarding non-transferable NFTs that cannot be withdrawn due to their inherent design limitations, Binance Academy will issue PDF certificates confirming course completion.
This move demonstrates a broader trend among cryptocurrency platforms reducing their NFT offerings and redirecting resources toward alternative initiatives, including tokenized assets. Following comparable actions from competing services like Kraken, which discontinued its NFT marketplace operations in February 2025, Binance represents the most recent major exchange to scale back NFT infrastructure.
The NFT trading platform OpenSea similarly announced it would discontinue support for NFTs native to the BNB Smart Chain in August 2023.
Binance to offer fee reimbursement for NFT migration
The exchange platform announced two promotional campaigns designed to reimburse NFT withdrawal fees over a 30-day period.
The initial promotion covers reimbursement of standard NFT withdrawal costs for all non-CR7 digital collectibles. The secondary promotion addresses withdrawal fee reimbursements specifically for CR7 NFTs.
According to Binance's announcement, as many as 100,000 users will be eligible for the reimbursement program, with each qualifying user receiving 1 USDC (USDC) per eligible NFT withdrawal, with credits deposited into eligible users' Binance spot trading accounts no later than July 3.
The wider NFT marketplace has experienced a sustained downturn over an extended period. Prominent NFT collections remain significantly below their peak valuations observed during the summer months of 2022.
The CryptoPunks collection, which holds the position of largest NFT collection measured by total market capitalization, currently has a floor price of 30.9 ETH, representing a 61% decline from the collection's peak floor price of 80.9 ETH established in July 2022.
Meanwhile, the Bored Ape Yacht Club floor price stands at 7.9 ETH, marking a 93% decrease from the collection's record high of 128 ETH achieved in May 2022, according to statistics from NFTPriceFloor.