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.