Cryptocurrency exchange Binance will cease supporting non-fungible tokens on its main trading platform, shifting all NFT management to its self-custody Binance Wallet. The company stated this move will provide holders “easier access to Web3 and decentralized features.” Users have until July 3 to withdraw transferable NFTs, while a reimbursement promotion for withdrawal fees will be available. This follows similar retreats from the NFT market by other major platforms, including Kraken and OpenSea, as the broader NFT sector continues to decline from its 2022 highs.
Binance announced it is shutting down NFT support on its exchange and moving NFT management to its self-custodial Binance Wallet. The exchange said this will offer NFT holders “easier access to Web3 and decentralized features,” according to a Wednesday announcement.
NFT holders have until July 3 to withdraw their transferable NFTs from the platform before they become inaccessible. For non-transferable NFTs, Binance Academy will provide a PDF certificate of course completion.
The decision shows more exchanges are winding down support for NFTs and refocusing on other areas. Binance is the latest exchange to do so after similar moves from other platforms, such as crypto exchange Kraken, which shut down its NFT marketplace in February 2025.
NFT marketplace OpenSea also announced halting support for BNB Smart Chain-native NFTs in August 2023. The broader NFT sector has been declining for some time.
Leading NFT collections have yet to recover to their previous all-time high seen in the summer of 2022. Data from NFTPriceFloor shows the floor price for the Bored Ape Yacht Club is down 93% from its peak.
Binance said it will offer two promotions for NFT withdrawal fee reimbursements for one month. The exchange will select up to 100,000 users for the reimbursement, with each receiving 1 USDC for an eligible withdrawal.
