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Binance’s Paytech Arm Binance Connect Shuts Down

Binance Connect (former Bifinity) has been functioning for about a year before the company decided to shut down its operations: what are the reasons for such a decision?

Binance's Paytech Arm Binance Connect Shuts Down

According to information received by Cointelegraph via an email with a Binance spokesperson, Binance Connect, the regulated buy-and-sell crypto arm of the Binance exchange, will shut down on Aug. 16.

The official Binance’s fiat-to-crypto payments service launched in 2022. At that time, it was called Bifinity. The main aim of Binance Connect was to connect businesses, merchants and millions of users to the world of crypto and blockchain via intuitive APIs.

However, a year later, the crypto exchange decided to disable the service. BNB Chain-based decentralized exchange Biswap tweeted that Binance has made that decision “due to its provider closing the supporting card payments service.”

Besides, the move aligns with the overall Binance strategy. Lately, the crypto exchange has been trimming various segments of its ecosystem in an effort to focus on its core business. In June, Binance exited Netherlands and suspended U.S. dollar deposits due to the SEC crackdown. A few months before that, Binance.US crypto exchange terminated the agreement to purchase the bankrupt crypto firm Voyager Digital.

“At Binance, we periodically review our products and services to ensure that our resources continue to be focused on core efforts that align with our long-term strategy. […] We consistently adapt and modify our business approach in response to changing market and user needs,” said Binance spokesperson in the email.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.