CCT - Crypto Currency Tracker logo CCT - Crypto Currency Tracker logo
Crypto Daily 2023-08-16 06:11:33

Binance Shuts Down Fiat-to-Crypto Platform, Binance Connect

Binance is reportedly shutting down its regulated fiat-to-crypto platform, Binance Connect. The platform will reportedly shut down today, 16 August. Binance’s regulated buy-and-sell crypto arm, Binance Connect, will reportedly shut down today. Reports by Cointelegraph broke the news saying the news had been confirmed in an email with a Binance spokesperson. Binance Connect to Shut Down Binance Connect, the regulated fiat-to-crypto platform of Binance, will shut down operations on 16 August. Formerly known as Bitfinity, the platform supported over 50 cryptocurrencies and fiat card payments such as Mastercard and Visa. The platform launched in March 2022. BNB Chain-based decentralised exchange Biswap tweeted on the day the news broke that Binance “has made a difficult decision to disable Binance Connect on 15 August due to its provider closing the supporting card payments service.” 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 The Binance spokesperson who confirmed the shutdown said: “At Binance, 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. We consistently adapt and modify our business approach in response to changing market and user needs.” Binance Connect aimed to be the official fiat-to-crypto on-ramp between the exchange and blockchain-based platforms. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.