The regulated buy-and-sell crypto arm of the Binance exchange, Binance Connect, is set to shut down on August 16. This is happening because they want to concentrate more on their main products and their long-term plans.
On August 15, Biswap said in a tweet that Binance “has made a difficult decision to disable Binance Connect” due to the card payments service provided for it being closed by the service provider.
Binance Connect, previously known as Bifinity, was launched on March 2022, which allowed traders to accept payments in crypto to build a crypto-ready environment. At its launch, it supported almost 50 cryptocurrencies to trade with and had all major fiat payment methods, including Visa and Mastercard.
On the same day of the launch, a financial regulatory authority in the United Kingdom called the Financial Conduct Authority (FCA) was concerned about Binance offering a $36 million loan that can be turned into shares to Eqonex, a crypto investment company listed on the Nasdaq stock exchange.
Binance always ensures a high level of standards,, it is possible that this drove the management to shut Binance Connect down as it was not creating any value for the users.
Also Read: Binance Files Protective Order Against The U.S SEC
