Binance, the world's largest crypto exchange by trading volume, will shut its centralized NFT marketplace on July 3 and migrate the service into its self-custody Binance Wallet, the company said in an announcement published Wednesday, closing the last major centralized-exchange NFT venue still operating four years after the category's peak.
The move ends a service Binance launched in June 2021 at the top of the NFT cycle and continues a near-complete unwinding of the CEX-backed marketplace category that has now claimed Coinbase NFT, Kraken NFT, Gemini's Nifty Gateway and X2Y2 inside a single 24-month window. NFTs across all chains generated roughly $5.5 billion in trading volume in 2025, down from more than $50 billion at the 2022 peak, according to CryptoSlam, with Q4 2025 volume of $1.25 billion marking a 28% drop from the previous quarter.
For Binance the wind-down is a corporate-strategy move. The exchange is concurrently expanding into tokenized U.S. equities through its bStocks product and an Alpaca minority stake, redirecting product capacity away from a consumer-NFT bet that never recovered from the 2022 crash.
Binance framed the change as a product upgrade rather than a closure.
