Binance NFT, in a blog post today announced that it will discontinue support for The Sandbox NFT Staking Program by September 26, 2023. In the announcement, the marketplace revealed that the decision emanated after “careful consideration and evaluation.”
Further, the NFT marketplace revealed that the move to discontinue support for The Sandbox NFT Staking Program is part of its ongoing efforts to streamline product offerings on the platform. Due to the discontinuation, Binance NFT revealed users will no longer be able to stake LAND NFTs hosted on Polygon. As announced, users will not be able to claim daily rewards from their staked NFTs.
Meanwhile, the platform revealed that all LAND NFTs presently staked on the marketplace will be automatically unstaked. The unstaking according to Binance NFTs will take place a day after the platform will end its support for the collection. However, Binance NFT revealed that users will receive the last daily rewards through their Spot wallet on September 28, 2023.
Likewise, the NFT marketplace added that users may not be able to acquire the collection on the Polygon network through its platform. The restriction according to Binance NFTs will take place exactly the day it will end support for the staking program. More so, the NFTs marketplace urged users to withdraw their NFTs via the Polygon Network from its platform before the end of the year. Lastly, the platform emphasized its willingness to support users in ensuring a smooth transition.
How SEC and CFTC lawsuits have compelled Binance to delist a host of tokens
It is worth establishing that Binance has delisted a host of tokens since it has been hit by a twin lawsuit from the United States Securities and Exchange Commission (SEC) and the Futures and Commodities Trading Commission. So far, the exchange has delisted Cardano (ADA) and Polygon (MATIC) perpetual contacts in BUSD pairs.
In addition, Binance has also removed Cardano (ADA), Polygon (MATIC), and 37 other liquidity pools early this month. In June 2023, the two crypto regulators filed a lawsuit against the exchange for violating their regulations. After challenging the lawsuit, Binance has ended support for a host of projects on its platforms.
Despite the lawsuit, the crypto exchange has focused on maintaining its leading position in the industry. Recently, the exchange added more support for stablecoins. Also, on August 28, 2023, a Binbits report indicated that Binance had integrated MirroX to advance its services for institutional clients.