Binance, the world’s largest cryptocurrency exchange by trading volume, has quietly removed its integrated inscription market from its wallet, effectively halting user trading of inscription assets. The move comes just months after the platform launched the feature in February, initially supporting BRC-20 and other inscription protocols. This decision has reignited the ongoing debate surrounding the long-term viability and value of Bitcoin inscriptions.
Binance’s customer support confirmed the removal, stating that users are currently unable to buy or sell inscription assets. The exchange has not provided a public statement explaining the reasons behind the decision.
The rise of Bitcoin inscriptions began in early 2022 with the introduction of Bitcoin Ordinals. This novel technology allowed for the creation of non-fungible tokens (NFTs) directly on the Bitcoin blockchain by inscribing data such as text, images, and videos. The process is often likened to engraving valuable inscriptions onto limited-edition bronzes, emphasizing the perceived scarcity and permanence of these digital assets.
The concept quickly gained traction, extending beyond Bitcoin to other blockchains. Ethereum and other Ethereum Virtual Machine (EVM)-compatible chains saw a surge in inscription activity, driven primarily by lower transaction costs. This method, reminiscent of the successful ERC-20 token standard that revolutionized the creation of fungible tokens on Ethereum, is now being adopted across various networks, including Solana and Avalanche.
While some proponents tout inscriptions as a revolutionary step in digital asset management, others remain skeptical, questioning whether it represents genuine innovation or simply another fleeting trend in the volatile cryptocurrency landscape. Binance’s decision to remove its inscription market adds another layer of complexity to this ongoing discussion.
