Binance Launches The Fiat-to-Crypto Gateway Bifinity

Time Stamp: March 8, 2022 7:11 AM
Source Node: 1623399

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The leading crypto exchange by trading volume has launched a payment provider to help out with fiat-to-crypto transfers.

Bifinity will accelerate crypto mass adoption, says Helen Hai

According to an official announcement on Binance’s blog, Bifinity will provide businesses with intuitive APIs to get them ready to scale up and start accepting crypto payments. Bifinity supports over 50 cryptocurrencies and all major payment methods, including Visa and Mastercard. Bitfinity president Helen Hai commented:

As the crypto and the Web3 economy continue to grow, we see greater demand to build improved fiat-to-crypto on-ramps to bridge the gap between the traditional finance industry and the decentralized and centralized crypto economy. At Binance, the vision is to increase the freedom of money globally. With the launch of Bifinity, we aim to accelerate mass crypto adoption.

Bifinity has struck a symbiotic partnership with Paysafe, which will allow both companies to expand into Latin America, Europe, and the UK. Paysafe will also provide Bifinity with regulatory know-how. In the near future, Bifinity also plans to launch a payment gateway for cross-platform NFT purchases.

The FCA is not amused

The British Financial Conduct Authority has raised concerns over another strategic partnership with Bifinity and Eqonex, which is the holding company of the financial custody provider Digivault. 

In a press release, the FCA stated that the issuance of a convertible loan worth 36 million USD from Bifinity to Eqonex could have installed Binance as the beneficial owner of Digivault. The FCA notes that Binance Markets Limited, which is Binance’s British subsidiary, has severe limitations on their business dealings in the UK:

Due to requirements imposed by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the written consent of the FCA. This requirement was put in place because, in the FCA’s view, Binance Markets is not capable of being effectively supervised. 

The regulating body keeps an eye out for high-risk financial products, which include cryptocurrencies. Earlier this year, the FCA announced that they will impose tighter regulations on crypto advertisements in the United Kingdom.

In June 2021, the FCA ordered Binance to cease any unregulated trading activities, which included derivatives trading for UK customers. About a week later, the UK-based credit card issuer Barclays halted all payments to Binance. 

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