Binance Connect is Off the Market
Binance Connect is Off the Market
Binance made a significant move by closing its regulated trading arm, Binance Connect, on August 16.
The platform explained that this decision is part of its strategy to focus on core products and services that align with its long-term business goals.
A spokesperson from Binance elaborated on the decision, stating, "At Binance, we regularly assess our products and services to ensure we're directing our resources towards core priorities that match our long-term strategy. Over the past six years, Binance has evolved from being just an exchange to becoming a global blockchain ecosystem with a range of business activities. We're committed to adapting and refining our approach to business based on the changing needs of the market and our users."
Binance Connect, initially launched as Bifinity in March 2022, aimed to bridge the gap between cryptocurrency and traditional finance through its fiat-to-crypto services.
It facilitated transactions involving more than 50 different cryptocurrencies, including those supported by Mastercard and Visa.
Interestingly, Binance Connect had plans to introduce an NFT checkout solution that would have allowed buyers of digital collectibles to use various payment methods. However, this plan never came to fruition, as reported by Blockworks.
Before Binance's official announcement, Biswap had tweeted about the impending closure. The reason cited for the closure was the discontinuation of the supporting card payments service.
