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Just a day after the US Securities and Exchange Commission filed a complaint against the company, Binance has added non-fungible bitcoin tokens (NFTs) to its marketplace.
In addition to BTC DeGods, Bitcoin Bandits, Bitcoin Frogs, Bitcoin Pizzas and Bitcoin Punks, the NFT marketplace of this cryptocurrency exchange will now offer over 25 collections of Bitcoin NFTs.
The bitcoin community and cryptocurrency industry are now fixated on bitcoin-related NFTs as they suddenly gain prominence as a trending topic. The advent of the ordinal protocol has enabled the creation of these digital collectibles.
Ordinal numbers allow information such as text or images to be “written” into the lowest Bitcoin unit, the satoshi. Since their inception, demand for these inscriptions has skyrocketed, with Dune Analytics reporting more than 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, facilitates the creation of tokens.
Within 48 hours of the regulatory action, Binance offered Bitcoin NFTs on its marketplace, showing it was unfazed by the SEC complaint. Like FTX’s Sam Bankman-Fried, Binance CEO Chanpgeng Zhao (CZ) has been named in the case and accused of mixing money on the cryptocurrency exchange.
Binance responded by denying the allegations and criticizing securities regulators for their lack of clarity and fairness in regulating the new digital asset sector.
Popular cryptocurrency exchange Coinbase has been sued by the Securities and Exchange Commission (SEC) for unregistered securities trading and other violations. The federal government regulator has discriminated against bitcoin companies lately.
In addition, the cases argue that digital currencies such as Solana (SOL) and Polygon (MATIC) are securities and should therefore be regulated as such. None of the complaints filed against Binance, CZ or Coinbase claim that ETH is a security.
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