Leading non-fungible token (NFT) marketplace Magic Eden has unveiled plans to launch a separate domain exclusively for its U.S. users.

In a recent post on X, the platform said it will offer U.S.-based services through a dedicated domain, while the platform’s international .io site will continue introducing new features and innovations.

The decision to segregate U.S. services likely stems from increasing regulatory scrutiny in the country.

Magic Eden’s move may be a preventive step in response to recent actions by the U.S. Securities and Exchange Commission (SEC), including a Wells notice sent to the NFT marketplace OpenSea.

Crypto Community Criticizes Magic Eden’s Move

The move also sparked a backlash from the crypto community, with many voicing concerns over the segregation of services.

Several users took to social media, particularly on X (formerly Twitter), to express frustration over the limitations the new U.S.-exclusive domain may impose.

Among the concerns is the fact that certain features, such as airdrops, will no longer be available to U.S. residents.

Critics claim that this shift represents a form of restriction for U.S. users, with some arguing that Magic Eden is becoming too centralized.

One user remarked that the platform was effectively barring U.S. users from participating fully in the NFT market, impacting their ability to make money.

“In other words we are about to restrict everyone in the USA from using our services & making money since we are a centralized entity,” one user wrote.

In other words we are about to restrict everyone in the USA from using our services & making money since we are a centralized entity.

Services like (Airdrops) are not available in your area but is available for everyone else in the world who don't have hostile regulations.

— AlphaGamer.Sats__(510.Sats)_(,) (@AlphaGamer_sats) September 5, 2024

Meanwhile, Magic Eden is also focusing on expansion.

In August, the platform introduced the ME token through the Magic Eden Foundation, aiming to enhance cross-chain trading and drive the growth of decentralized applications (DApps).

The ME token is expected to play a central role in the platform’s future ecosystem, particularly as it seeks to establish a decentralized autonomous organization (DAO).

CryptoPunks NFT Sold at 80% Discount

While the NFT market has slightly recovered lately, it is still at the bottom compared to the 2021 highs.

Just recently, a CryptoPunk NFT sold for $23.2 million in 2022, was resold at an 80% discount for 1,500 ETH, worth around $3.9 million.

The original owner, Deepak Thapliyal, who purchased the NFT for 8,000 ETH, bid farewell to the token on X.

The new buyer, VOMBATUS, later confirmed the purchase, equating the low price to getting a “free” token.

Meanwhile, there has been a trend of companies discontinuing their involvement in the NFT space.

Back in March, Starbucks, the renowned multinational coffee chain, made the decision to terminate its NFT rewards program.

In January, gaming retailer GameStop announced the closure of its NFT marketplace after scaling back its crypto services over the past two years.

More recently, X, under the ownership of Elon Musk, discontinued a feature that allowed premium users to use NFT images as their profile pictures.

The post Magic Eden Introduces Exclusive US Domain, Segregating NFT Services in US appeared first on Cryptonews.

Binance has confirmed that its co-founder Changpeng Zhao (CZ) is permanently barred from managing the crypto exchange.

In a Sept. 6 statement to CryptoSlate, the exchange’s spokesperson stated:

“Under the terms of the agreement, CZ is prohibited from any present or future involvement in operating or managing the business.”

While initial reports suggested CZ could return to Binance after three years, CEO Richard Teng clarified to Axios that the ban was permanent. This prevents Zhao from ever resuming a leadership role at the platform.

Despite this, CZ remains Binance’s largest shareholder. He owns around 90% of the company, which allows him to retain significant influence on how the firm would be run. According to Teng, this means he still has voting rights on key decisions, nominating directors, and the power to replace the CEO if necessary.

Meanwhile, CZ has clarified that he does not plan to hold executive roles in other companies. He plans to invest in emerging sectors like blockchain, artificial intelligence (AI), and biotechnology.

Notably, he has already launched Giggle Academy, a non-profit educational platform that aims to address disparities by targeting underprivileged communities with limited access to formal education.

Zhao co-founded Binance in 2017 and led it to become the world’s largest crypto exchange by trading volume. However, he stepped down as CEO in November 2023 after pleading guilty to a money laundering charge in the US. He was sentenced to four months in prison in April 2024 and is scheduled to be released later this month.

Kazakhstan licensing moves

On Sept. 6, Binance announced that its Kazakhstan subsidiary had received formal approval from the Astana Financial Services Authority (AFSA) for a full regulatory license. This brings Binance Kazakhstan closer to becoming the country’s first fully regulated Digital Asset Trading Facility (DATF) operator.

The new licenses will allow Binance Kazakhstan to operate a virtual asset trading platform, engage in investment dealings, and provide custody services for virtual assets under full license conditions.

Binance Kazakhstan passed a stringent review by the regulator, which assessed the firm’s offerings under the AIFC Digital Asset Activities, Conduct of Business Rules, Anti-Money Laundering (AML) laws, and other relevant regulations.

The post CZ permanently barred from any involvement in managing Binance, retains voting rights appeared first on CryptoSlate.