WEB3

Binance Severs Support for Polygon MATIC Network NFTs and Sandbox Staking Program

by BSCN

September 8, 2023

For reasons yet to be determined, Binance NFT is abandoning both its Sandbox NFT staking initiative, along with the platform’s support for Polygon MATIC NFTs.

Binance announced, on September 8, that it would terminate support for Polygon NFTs on its Binance NFT platform, beginning on September 26. It was further announced that the same day would see an end to the platform’s Sandbox NFT staking program, wherein holders could stake their LAND NFTs in exchange for SAND rewards.

“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”, reads the announcement

According to the release, holders of Polygon NFTs will have until the end of 2023 to withdraw their assets from the platform.

The motivations behind Binance’s moves are not yet clear. However, the announcement comes at a time when the world’s largest exchange appears to be in perilous waters, typified by an ongoing battle with the US Securities and Exchange Commission (SEC), as well as a growing list of executives abandoning the exchange, despite CZ’s assurances that said executives were pulled, rather than pushed, away from the company.

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