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Binance Connect to Cease Operations on August 16

Binance Connect to Cease Operations on August 16

A spokesperson for Binance has announced that Binance Connect, the regulated buy-and-sell crypto arm of Binance exchange, will be shutting down on August 16. The decision was made in response to changing market and user needs. The closure of Binance Connect was confirmed by Biswap, a decentralized exchange on the BNB Chain, which stated that the closure was due to the provider of the supporting card payments service shutting down. Binance stated that they regularly review their products and services to ensure that their resources are focused on core efforts aligned with their long-term strategy. Binance Connect, previously known as Bfinity, launched in March 2022 and acted as a fiat-to-crypto payments provider. It supported 50 cryptocurrencies and fiat payment methods such as Visa and Mastercard.

In other news, Binance Australia suspended its fiat services due to an issue with a third party, while German regulators rejected Binance’s crypto custody license request. However, Binance did secure a crypto broker-dealer license with Dubai regulators in July. Currently, Binance is facing litigation from both the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission for allegedly operating an unlicensed exchange in the U.S.

Summary:

– Binance Connect, the regulated buy-and-sell crypto arm of Binance exchange, will shut down on August 16.

– The closure is in response to changing market and user needs.

– Biswap confirmed the closure, stating it was due to the provider of the supporting card payments service shutting down.

– Binance regularly reviews its products and services to align with its long-term strategy.

– Binance Connect launched in March 2022 as a fiat-to-crypto payments provider supporting 50 cryptocurrencies.

– Binance Australia suspended fiat services due to an issue with a third party.

– German regulators rejected Binance’s crypto custody license request.

– Binance secured a crypto broker-dealer license with Dubai regulators in July.

– Binance is facing litigation from the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission for operating an unlicensed exchange in the U.S.

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