Cryptocurrency exchange Binance announced on Friday (9) that 32 fake NFT pools of questionable origin will be removed from the company’s market by December 21.
Binance has announced through an official statement that NFT pool addresses will be deactivated from 23:59 UTC on December 20, in order to alert users about the possible fraud of these projects.
The groups to be pulled from the exchange consist of several fake groups such as the Bored Ape Yacht Club (BAYC) and CyberPunks, which have been pioneering the NFT market in recent months.
Binance encourages reporting of fake pools
Binance also encouraged users to report NFT pools that potentially violate the Binance NFT minting rules and terms of service, as well as stating that the team will investigate any user reports of fraudulent content before taking necessary action.
One of the warning signs of these groups is the prices of fake NFTs, which are much lower than the originals. They vary, for example, between $5 and R$50, while the real value can reach R$750,000 depending on the collectible.
Fake NFTs have increased in recent months and are being traded on key markets of the ecosystem, which has led to significant criticism from users and specialists of the companies’ lack of control over the listing of these pools.
For this reason, the community views Binance’s decision as a right step to build a better NFT ecosystem, based on trust and security.