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Binance Connect, the regulated cryptocurrency trading division of the Binance exchange, is set to cease operations on August 16. Cointelegraph verified this information on August 15 through an email from a Binance representative.
On the same day, the decentralized exchange Biswap on the BNB Chain tweeted that Binance “has made a challenging choice to disable Binance Connect on August 15 due to its provider discontinuing the supporting card payment service.” The Binance representative remarked:
“At Binance, we routinely assess our products and services to ensure that our resources remain concentrated on core initiatives that align with our long-term vision. Over the past six years, Binance has evolved from an exchange into a global blockchain ecosystem with various business lines. We continually adjust and refine our business strategy in response to shifting market and user demands.”
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Binance Connect was introduced on March 7, 2022, initially branded as Bifinity. The service functioned as a fiat-to-crypto payment facilitator, linking cryptocurrency companies with the traditional financial system. At its inception, the platform supported 50 cryptocurrencies and various fiat payment options, including Visa and Mastercard. On the same day, the United Kingdom’s Financial Conduct Authority (FCA) raised concerns regarding Bifinity’s provision of a $36 million convertible loan to the NASDAQ-listed cryptocurrency investment firm Eqonex.
The FCA indicated that due to this investment, certain stakeholders of Bifinity’s parent company, Binance Group, which operates without regulation in the U.K., might be regarded as beneficial owners of Eqonex. Binance Connect also functions as the fiat-to-crypto on-ramp provider for the firm’s self-custody Trust wallet.
Dear Biswappers,
The Biswap team stays updated on the latest DeFi developments and aims to inform you promptly.
After careful consideration, @binance has made a challenging decision to disable @Binance_Connect on August 15 due to its provider ceasing the supporting card payments… pic.twitter.com/HcooyLn4sg— Biswap (@Biswap_Dex) August 15, 2023
In the same month, Binance Australia halted fiat services, citing an issue with a third party. In June, German regulators denied Binance’s request for a crypto custody license. However, in July, the firm obtained a crypto broker-dealer license from Dubai regulators. The exchange is currently involved in legal proceedings with both the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission over allegations of operating an unlicensed exchange in the U.S.
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