Binance prioritizes core products and discontinues the “Binance Connect” crypto payments service.
Binance Connect enabled merchants to accept 50+ cryptocurrencies for payments.
Binance, a major player in the cryptocurrency exchange arena, has declared the upcoming closure of its crypto payments platform, Binance Connect. The platform, previously named Bifinity, is set to be deactivated on August 16th. This action follows merely one year after its initiation in March 2022. The reason behind this step lies in Binance’s strategic choice to reposition its attention on core products, as affirmed by an official company statement.
The Binance Connect service allowed merchants to accept payments in over 50 different cryptocurrencies. And major payment methods like Visa and Mastercard. Its goal was to assist traditional financial companies in becoming “crypto-ready”.
What is Behind The Move?
“ In the last six years, Binance has grown from being an exchange to a global blockchain ecosystem with multiple business lines. We consistently adapt and modify our business approach in response to changing market and user needs”
Binance Spokesperson stated in an emailed statement to Crypto Media.
Meanwhile, The decision to shut down Binance Connect coincides with previous developments, such as Binance Australia suspending fiat services due to third-party issues, and German regulators rejecting the company’s request for a crypto custody license. Despite facing these challenges, it succeeded in obtaining a crypto broker-dealer license in Dubai.
Moreover, it’s worth noting that the crypto exchange giant currently faces legal challenges from both the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. It is accusing it of operating an unlicensed exchange in the United States.