Binance NFT came out of the gates in June 2021. Now, it will end its APE NFT staking program, impacting users who currently own Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs. The announcement comes right as APE, the native token associated with the Bored Ape ecosystem, is sitting at $0.64. This surprising bit of information comes from our friends CoinMarketCap. This reversal has coincided with a major 34.57% drop in APE’s 24-hour trading volume, which currently rests at $42.94 million.
Binance announced the retirement of its APE NFT Staking Products on its notice page. The exchange has a history of shutting down staking programs for other projects under similar pretenses. They pointed to increasing regulatory scrutiny and volatility in the market as factors. These considerations can have a large impact on the feasibility and long-term success of staking programs.
This is to provide users with an opportunity to recover their assets before the final termination date. Do something about it today, and be ready for a seamless transition in July 2025! This transition period aims to minimize disruption for users who have staked their BAYC and MAYC NFTs on the platform.
Meanwhile, in the wake of Binance’s decision to halt its staking services, ApeCoin price analysis is trending on CoinMarketCap community posts. Our analysis sheds light on the broader implications of this ruling on the APE ecosystem as well as the current state of market sentiment.
The announcement, though disappointing for creators, is a reminder of the difficulty and unpredictability that come with the territory of crypto and NFTs. The exchange is clearly being very proactive in its approach to regulatory compliance and overall risk management. This is most evident in its recent decision to end the APE NFT staking program.
