Crypto exchange Binance is stopping support for non-fungible tokens (NFTs) linked to the Polygon Network, less than a year after launching support for the network.
Users will no longer be able to buy, deposit or list NFTs linked to the Polygon Network from the end of this month, according to a blog post from the company. Users will have until the end of this year to withdraw their Polygon NFTs from Binance’s NFT marketplace.
“This decision was made after careful consideration and evaluation, and it is part of our ongoing efforts to streamline product offerings on Binance NFT Marketplace,” said the company in the blog post.
The company is also streamlining its product offerings by shuttering a staking program linked to NFTs from the Web3 gaming platform The Sandbox, which was hosted on the Polygon Network.
Binance introduced Polygon NFTs onto its marketplace in March of this year as part of a strategy that “elevates Binance NFT to a multi-chain, open marketplace ecosystem.”
However, the exchange has faced several headwinds this year including charges from the U.S. Commodities Futures Trading Commission (CFTC) and the U.S. Securities Exchange Commission (SEC). Binance has said it intends to defend itself “vigorously” against the lawsuits.
Top level executives have also left the company in recent months including chief strategy officer Patrick Hillmann and general counsel Han Ng. Bloomberg reported this week that several more regional heads had left the exchange.
Binance’s CEO Changpeng Zhao pushed back on recent reports in a post on X on Sep. 7.
“Binance probably also have the lowest founding team turnover of any tech startup of our size and age, in the world,” said Zhao in the post.
Saw some debates in the community. When you do the right thing, and there is FUD, you don't have to do anything. The community defends you.
Let me summarize. There have been a lot of negative news/rumors, bank runs, lawsuits, closing of fiat channels, product wind downs,…
— CZ 🔶 Binance (@cz_binance) September 7, 2023
The decision to stop support for Polygon NFTs comes as the exchange winds down several other offerings. The exchange recently made the decision to phase out support for its native stablecoin BUSD, after its partner for the stablecoin, Paxos, halted minting. It also ended its crypto card partnerships with Visa and Mastercard in select countries.
Binance’s NFT marketplace now supports three blockchains: BNB Chain, Ethereum and Bitcoin. Binance, Polygon and The Sandbox did not immediately respond to a request for comment.