Binance is reportedly shutting down its regulated fiat-to-crypto platform, Binance Connect, with the platform's operations coming to a halt on August 16th. The decision was confirmed by a Binance spokesperson in response to an email from Cointelegraph. The platform, initially named Bitfinity, had been active since March 2022 and supported more than 50 cryptocurrencies along with fiat card payments like Mastercard and Visa.
Biswap, a decentralized exchange based on the BNB Chain, acknowledged the situation on the same day the news broke. They tweeted that Binance had made a tough call to disable Binance Connect due to the card payments service provided by its partner closing down.
The spokesperson from Binance elaborated on the shutdown, stating that the company routinely assesses its products and services to ensure that its resources are allocated towards core initiatives that align with the long-term strategy. Over the last six years, Binance has expanded from a mere exchange to a global blockchain ecosystem with various business ventures. The spokesperson further noted that Binance remains flexible in adapting its business approach to cater to evolving market and user requirements.
Binance Connect's primary goal was to serve as the official fiat-to-crypto on-ramp, facilitating the connection between Binance's exchange and platforms built on blockchain technology.
Please note that this paraphrased version of the original article is intended solely for informative purposes. It should not be considered as legal, financial, investment, tax, or any other form of advice.
