Binance
Connect, the fiat-to-cryptocurrency payments service launched by Binancein March last year, will cease
operations tomorrow (Wednesday). A Binance spokesperson confirmed the development to
Cointelegraph.
According
to the spokesperson,
the decision to shut down the arm was taken as part of Binance’s periodic review of its products
and services. The exchange continually adjusts its business strategy to align
with evolving market demands and user preferences, the spokesperson
told Cointelegraph.
However, in
an announcement posted on X on Tuesday, Biswap, a decentralized exchange that
runs on the Binance Smart Chain, noted that Binance made the “difficult
decision” to disable Binance Connect today “due to its provider closing the
supporting card payments service.”
“This
change aligns with the strategic efforts of Binance to focus on its core
business,” Biswap said, adding that it will turn off Binance Connect on
its website today at 01:00 PM UTC.
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 new development comes a few months after Binance lost the support of Paysafe Solutions, its euro banking partner. From September 25, 2023, Paysafe Solutions will stop offering support for the Single Euro Payment Area (SEPA) to Binance. The move followed concerns raised by the Financial Conduct Authority, the UK’s financial regulator, over Binance’s use of the country’s payment network, Finance Magnates reported.
Binance
Connect, previously known as
Bifinity, enables
businesses to facilitate crypto payments through application programming
interfaces (APIs). At launch in 2022, the platform facilitated
payment in over 50 digital currencies around the world. It also accepted
payment through major payment routes such as Visa and
Mastercard.
We are LIVE!
Learn about our services, and how we will be partnering with SafePal, Zilliqa, Paysafe, and https://t.co/QSB0QPYxFV to expand cryptocurrency access worldwide.https://t.co/PwlRt0JmfL#cryptocurrency #payments pic.twitter.com/IdFOLIoAXi
— Binance Connect (@Binance_Connect) March 7, 2022
“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 traditional
finance and the decentralized and centralized crypto economy,” Helen Hai, the President of
Binance Connect, said at the time. “At Binance,
the vision is to increase the freedom of money globally.”
Devexperts updates DXcharts; FCA warns against seven companies; read today’s news nuggets.
Binance
Connect, the fiat-to-cryptocurrency payments service launched by Binancein March last year, will cease
operations tomorrow (Wednesday). A Binance spokesperson confirmed the development to
Cointelegraph.
According
to the spokesperson,
the decision to shut down the arm was taken as part of Binance’s periodic review of its products
and services. The exchange continually adjusts its business strategy to align
with evolving market demands and user preferences, the spokesperson
told Cointelegraph.
However, in
an announcement posted on X on Tuesday, Biswap, a decentralized exchange that
runs on the Binance Smart Chain, noted that Binance made the “difficult
decision” to disable Binance Connect today “due to its provider closing the
supporting card payments service.”
“This
change aligns with the strategic efforts of Binance to focus on its core
business,” Biswap said, adding that it will turn off Binance Connect on
its website today at 01:00 PM UTC.
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 new development comes a few months after Binance lost the support of Paysafe Solutions, its euro banking partner. From September 25, 2023, Paysafe Solutions will stop offering support for the Single Euro Payment Area (SEPA) to Binance. The move followed concerns raised by the Financial Conduct Authority, the UK’s financial regulator, over Binance’s use of the country’s payment network, Finance Magnates reported.
Binance
Connect, previously known as
Bifinity, enables
businesses to facilitate crypto payments through application programming
interfaces (APIs). At launch in 2022, the platform facilitated
payment in over 50 digital currencies around the world. It also accepted
payment through major payment routes such as Visa and
Mastercard.
We are LIVE!
Learn about our services, and how we will be partnering with SafePal, Zilliqa, Paysafe, and https://t.co/QSB0QPYxFV to expand cryptocurrency access worldwide.https://t.co/PwlRt0JmfL#cryptocurrency #payments pic.twitter.com/IdFOLIoAXi
— Binance Connect (@Binance_Connect) March 7, 2022
“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 traditional
finance and the decentralized and centralized crypto economy,” Helen Hai, the President of
Binance Connect, said at the time. “At Binance,
the vision is to increase the freedom of money globally.”
Devexperts updates DXcharts; FCA warns against seven companies; read today’s news nuggets.
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- Source: https://www.financemagnates.com//cryptocurrency/binances-crypto-payment-wing-shuts-doors-after-one-and-a-half-years/
