Binance to Shut Down Crypto Payments Service

The crypto exchange plans to shut down its payments service Binance Connect on Aug. 16.

Binance, the world’s largest crypto exchange, will disable its buy-and-sell service Binance Connect, formerly known as Bifinity.

The service will be shuttered on Aug. 16 as the crypto exchange plans to refocus on its main products and long-term goals, CoinDesk reported on Tuesday.

“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. In the last six years, Binance has grown from being an exchange to a global blockchain ecosystem with multiple business lines,” a spokesperson for Binance told the publication.

“We consistently adapt and modify our business approach in response to changing market and user needs,” the spokesperson added.

On the same day, the BNB-based decentralized exchange tweeted that the decision was made due to Binance’s provider ending support for card payment services.

Dear Biswappers,

The Biswap team keeps abreast of the latest DeFi news and aims to inform you right away.

After a thorough consideration, @binance has made a difficult decision to disable @Binance_Connect on 15 August due to its provider closing the supporting card payments… pic.twitter.com/HcooyLn4sg

— Biswap (@Biswap_Dex) August 15, 2023

Binance Connect, launched in March 2022, allowed merchants to accept more than 50 different cryptocurrencies and included support for major payment methods like Mastercard and Visa.

At the time of its launch, United Kingdom’s Financial Conduct Authority (FCA) raised concerns over a $36 million convertible loan that the service had made to crypto investment firm Eqonex. The FCA claimed that the strategic partnership could effectively lead to certain individuals from the Binance Group being “beneficial owners” of Eqonex’s U.K. subsidiary Diginex.