Binance Connect has decided to cease operations on August 16.
A Binance spokesperson stated that this move is a response to changing market conditions and user needs.
Binance Connect is shutting down on August 16
Following Binance Connect’s announcement to cease operations, decentralized exchange Biswap posted a tweet citing Binance’s provider discontinuing its support service as the reason that led to Binance Connect shutting down on August 15.
A Binance spokesperson made the following statements:
“At Binance, we periodically review our products and services to continue focusing on core initiatives in line with our long-term strategy. Over the past six years, Binance has evolved into a global blockchain ecosystem, becoming more than just an exchange. We are constantly revising our business approach to adapt to the changing market and user needs.”
Binance Connect was originally launched on March 7, 2022 as Bifinity. This service served as a payment provider connecting the traditional financial system to crypto firms. Initially, it supported more than 50 cryptocurrencies with fiat payment methods such as Visa and Mastercard. However, the UK’s Financial Conduct Authority (FCA) has expressed concern over Bifinity’s ability to provide loans to NASDAQ-listed Eqonex.
Dear Biswappers,
The Biswap team keeps abreast of the latest DeFi news and aims to inform you right away.
After a thorough consideration, @binance has made a difficult decision to disable @Binance_Connect on 15 August due to its provider closing the supporting card payments… pic.twitter.com/HcooyLn4sg
— Biswap (@Biswap_Dex) August 15, 2023
Binance Connect also served as a bridge between fiat and cryptocurrency for the Binance Group-controlled Trust wallet.
