Binance Connect has decided to cease operations on August 16th.
A Binance spokesperson said the move was a response to changing market conditions and user needs.
Binance Connect is Shutting Down on August 16th
Following the announcement of Binance Connect ceasing operations, decentralized exchange Biswap posted a tweet citing Binance’s provider shutting down its support service, which led to Binance Connect shutting down on August 15.
A Binance spokesperson provided the following statement:
“At Binance, we periodically review our products and services to ensure we continue to focus on core initiatives in line with our long-term strategy. Over the past six years, Binance has grown into a global blockchain ecosystem that has become much more than just an exchange. We are constantly modifying our business approach to suit the changing market and user needs.
Binance Connect was originally launched as Bifinity on March 7, 2022. The service acts as a payment provider connecting the traditional financial system to crypto firms. Initially, it supported over 50 cryptocurrencies along with fiat payment methods such as Visa and MasterCard. However, the UK’s Financial Conduct Authority (FCA) has raised concerns over Bifinity’s ability to provide loans to NASDAQ-listed Eqonex.
Binance Connect also serves as a bridge between fiat and cryptocurrency for the Binance Group-controlled Trust Wallet.
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