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Binance NFT Sales Settlement Postponement Policy for Unverified NFT Collections

Binance NFT Sales Settlement Postponement Policy for Unverified NFT Collections

2022-06-17 09:04
To avoid any possible scams or intellectual property infringements of NFT creations on the NFT Marketplace, Binance NFT has put withdrawal restrictions on transaction proceeds from Unverified NFT collections (minted on the Binance NFT Marketplace).
There are two types of NFT collections on Binance NFT - the Verified and Unverified collections. This policy only applies to Unverified collections.
NFT collections may be eligible to be listed under the Verified collection depending on various factors. These can include sales volume, trading volume, and the number of followers on Binance NFT and other social media platforms. All other NFTs that are not eligible are listed under the Unverified collection.

How does the Binance NFT Sales Settlement Postponement work?

For the initial sale of an Unverified NFT (i.e., the first time a newly minted Unverified NFT is sold by the creator to a buyer), creators are restricted from withdrawing the transaction proceeds from the sale for ten days.
After the Unverified NFT (minted on the Binance NFT Marketplace) has been subject to a 10-day clearing period, and the sold asset does not indicate a potential violation of the Binance NFT Minting Rules and the Terms of Service, the creator will be able to use or withdraw the proceeds. This duration might be adjusted in the future.
Binance may extend the restriction period beyond ten days if any violation has been detected. To restrict the withdrawal of transaction proceeds from Binance for a specific asset, collection, or creator, the following is a list of potential actions Binance NFT will take. Note: The minting fee and smart contract deployment fee will not be refunded.
  • Specific NFT Asset: Users cannot withdraw the transaction proceeds from the sale of a specific NFT asset from Binance.
  • Specific NFT Collection: Users cannot withdraw the transaction proceeds from the sale of a specific NFT collection from Binance.
  • Specific Creator: Users cannot 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 [Profile] - [Transaction]. Select [Sale] from the [Type] filter to view all transaction history.