Just one day after the U.S. SEC filed a lawsuit against them, Binance swiftly added bitcoin non-fungible tokens (NFTs) to its marketplace.
The marketplace offers a variety of collections. These include BTC DeGods, Bitcoin Bandits, Bitcoin Frogs, Bitcoin Pizzas, and Bitcoin Punks, with over 25 collections of Bitcoin NFTs available.
Bitcoin-related NFTs have gained significant attention within the bitcoin community and the wider cryptocurrency industry. The rise in popularity of these digital collectibles has been facilitated by the introduction of the ordinals protocol.
This protocol allows the inscription of data such as text or images onto the smallest unit of bitcoin, known as a satoshi. The demand for these inscriptions has surged, with over a million of them now recorded according to Dune Analytics.
As the number of NFTs on the Bitcoin blockchain continues to grow, the BRC-20 token standard is gaining popularity. It is similar to Ethereum’s ERC-20 and facilitates the creation of tokens.
Binance disputes charges and criticizes lack of regulatory clarity
Despite the regulatory action, Binance demonstrated its lack of concern. This was done by offering bitcoin NFTs on its marketplace just 48 hours after the lawsuit was filed by the SEC.
The case targets Binance CEO Changpeng Zhao and FTX’s Sam Bankman-Fried, accusing them of money mixing at the exchange.
In response to the accusations, Binance has firmly denied them. Furthermore, the company has criticized the SEC for their unclear and unfair regulation of the emerging digital asset market.
It’s worth noting that none of the grievances brought against Binance, CZ, or Coinbase assert that Ethereum (ETH) is considered a security.
Furthermore, the SEC has recently filed a lawsuit against the popular exchange Coinbase for unregistered securities trading and other violations.
The federal government’s inspector has also shown scrutiny towards bitcoin businesses. The lawsuits also argue that digital currencies like Solana and Polygon should classify as securities and subject to regulation. However, there is no claim that Ethereum is a security in any of the allegations brought against Binance, CZ, or Coinbase.
