Binance Suspends Bitcoin Ordinals Trading – What’s Going On? Binance dropped a bombshell on April 4, announcing the suspension of
Bitcoin Ordinals trades and deposits starting April 18, 2024. Holders of these unique
NFTs were urged to withdraw their assets from the platform's marketplace before May 18, 2024.
The reason behind this move remains a mystery
as Binance simply stated it was looking to "streamline product offerings." Furthermore, the exchange's NFT marketplace will no longer offer perks related to Bitcoin NFTs after April 10, 2024.
Despite Binance's decision, rival exchange
OKX is doubling down on Bitcoin Ordinals, planning to support four new inscription standards in anticipation of their importance in 2024.
The suspension comes at a time when interest in NFTs,
including Bitcoin-based ones, is at a low point. Sales have plummeted from their peak of 117,000 in August 2021 to a meager 2,400 across various blockchains.
Concerns about network security and congestion have also been raised. Bitcoin NFTs
have been blamed for clogging up the network and causing increased fees. The high volume of inscriptions has led to slow transaction processing
and hefty fees totaling over $430.7 million.
