Summary:
- The Bitcoin network is now supported on the Binance NFT marketplace.
- NFTs on Bitcoin are a hot new narrative capturing attention within BTC’s community and the broader crypto market narrative
- Binance announced the feature hours after the U.S. SEC unleashed a lawsuit based on securities violations.
- Coinbase was sued by the SEC alleging similar rule-breaking a day after.
Binance, one of the world’s largest cryptocurrency exchanges, has added Bitcoin NFTs to its marketplace, just one day after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the company.
The crypto exchange’s NFT marketplace will now support over 25 Bitcoin NFT collections including BTC DeGods, Bitcoin Bandits, Bitcoin Frogs, Bitcoin Pizzas, and Bitcoin Punks.
NFTs on Bitcoin are a hot new narrative capturing attention within BTC’s community and the broader crypto market narrative. These digital collectibles became possible thanks to the Ordinals Protocol.
Users can leverage Ordinals to embed data like texts and images on the smallest unit of Bitcoin known as Satoshi through a process called “Inscription”. Inscriptions have boomed since they first debuted and now number over 1 million, per Dune Analytics data. NFTs on Bitcoin also picked up steam along with BRC-20 hype, a token standard for creating tokens akin to ERC-20 on Ethereum.
Binance Unfazed By SEC Lawsuit
Bitcoin NFTs on Binance NFT Marketplace rolled out less than 48 hours after the U.S. Securities and Exchange sued the crypto exchange for operating an unregistered securities exchange. CEO Chanpgeng Zhao or CZ was also sued for commingling funds, a similar accusation levied against FTX Founder Sam Bankman-Fried.
Binance responded by denying the allegations while chastizing the securities regulators for its misguided refusal to create clear and fair guidance for the nascent digital asset industry.
Similar to Binance, Coinbase was sued by the SEC for unregistered securities trading and other securities violations. Indeed, the federal regulator has dropped the hammer on crypto companies in recent months.
The lawsuits also allege that cryptocurrencies like Solana’s SOL and Polygon’s MATIC are securities and therefore should fall under the purview of securities laws. Notably, none of the lawsuits against Binance, CZ, or Coinbase claim that ETH is a security.