Binance introduces Bitcoin NFTs amidst SEC legal action
Binance has added bitcoin non-fungible tokens (NFTs) to its marketplace just one day after the US Securities and Exchange Commission (SEC) filed a complaint against the company.
In addition to BTC DeGods, Bitcoin Bandits, Bitcoin Frogs, Bitcoin Pizzas, and Bitcoin Punks, the cryptocurrency exchange’s NFT marketplace will now feature over 25 pools of Bitcoin NFTs.
The bitcoin community and the cryptocurrency industry are now focusing on bitcoin-related NFTs due to their sudden rise as a fashionable thing. The introduction of the ordinal protocol has made it possible to create these digital holdings.
Ordinal values allow information such as text or images to be “written” onto the lowest unit of bitcoin, the satoshi. Since their introduction, demand for these vignettes has skyrocketed, with Dune Analytics reporting over a million.
As the number of NFTs on the Bitcoin blockchain increases, so does interest in BRC-20, a token standard that, like ethereum’s ERC-20, makes it easier to create tokens.
Within 48 hours of the regulatory action, Binance introduced Bitcoin NFTs on its marketplace, showing that it was not affected by the SEC complaint. Like FTX’s Sam Bankman-Fried, Binance CEO Changpgeng Zhao (CZ) is named in the case and accused of fundraising on the cryptocurrency exchange.
Binance responded by contesting the accusations and criticizing the securities regulators for their lack of clarity and fairness in regulating the new digital asset sector.
The Securities and Exchange Commission (SEC) has sued popular cryptocurrency exchange Coinbase for trading in unregistered securities and other violations. The federal government watchdog recently discriminated against the bitcoin business.
In addition, the cases argue that digital currencies such as solana (SOL) and polygon’s (MATIC) are securities and therefore should be regulated as such. None of the complaints against Binance, CZ, or Coinbase claim that ETH is a collateral.