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Binance NFT Sales Settlement Postponement Policy for Standard NFT Collections

2022-06-21 01:44
To deter any possible scams or intellectual property infringements of NFT creations minted on the NFT Marketplace, Binance NFT will restrict the withdrawal of transaction proceeds from standard NFT collections as a safety measure.
There are two types of NFT collections on Binance NFT. Premier collections are created in collaboration with Binance NFT. Standard collections are non-verified NFTs. This policy only applies to Standard collections, which are not verified by Binance.
Currently, you cannot apply for your Standard collections to be verified as Premier collections.
How does the Binance NFT Sales Settlement Postponement work?
For an initial sale of a Standard NFT (i.e. the first time a newly minted Standard NFT is sold by the creator to a buyer), creators will be restricted from withdrawing the transaction proceeds from the sale for 10 days.
After the Standard NFT has been subject to a 10 day clearing period, if the sold asset(s) does not indicate a potential violation of Binance NFT Minting Rules and Terms of Service, users will be able to use or withdraw the proceeds. This duration might be adjusted in the future.
If any violation has been detected, we may extend the restriction period further beyond 10 days. The following is a list of potential actions Binance NFT will take to restrict the withdrawal of transaction proceeds from Binance, for a specific asset, collection, or creator. Note: The minting fee and smart contract deployment fee will not be refunded.
  • Specific NFT Asset: Users will not be able to withdraw the transaction proceeds from the sale of a specific NFT asset from Binance.
  • Specific NFT Collection: Users will not be able to withdraw the transaction proceeds from the sale of a specific NFT collection from Binance.
  • Specific Creator: Users will not be able to withdraw the transaction proceeds from the sale of all assets from the specific creator from Binance.
You can check the status of the transaction proceeds from [User Center] - [History] - [Sales History].
You can also check the status of the transaction proceeds from [User Center] - [Crypto].