Binance, a major cryptocurrency exchange, has announced that it will stop supporting Bitcoin NFTs on its platform. As of April 18, trading and deposits for Bitcoin NFTs will no longer be allowed, and all users are advised to withdraw their Bitcoin NFTs by midnight UTC on May 18. This decision, detailed in a blog post, comes as part of Binance's strategy to streamline its product offerings, despite the recent popularity surge in Bitcoin Ordinals NFTs.

Binance initially supported Bitcoin NFTs in June 2023, but less than a year later, the platform has decided to discontinue them. This includes stopping support for any airdrops, benefits, or utilities associated with these NFTs after April 10. The decision reflects Binance's broader goal to focus on core efforts that align with its long-term strategic direction, as the company has evolved from just an exchange to a global blockchain ecosystem with various business lines.

The Bitcoin Ordinals protocol, which was introduced in January 2023, allows for NFTs and other digital content to be engraved directly onto the Bitcoin blockchain using satoshis. This innovation has spurred a debate about the role of such inscriptions on Bitcoin, especially as their popularity has led to increased transaction fees and network congestion.

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