Binance to Shut Down Crypto Payments Service Amid Refocus On Core Products – Binance has announced the closure of its buy-and-sell platform, Binance Connect (previously Bifinity), just a year after its launch. The service will be deactivated on August 16th as Binance aims to concentrate on its core offerings and overarching objectives.
“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,” a spokesperson told the news outlet in an emailed statement.
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In March 2022, Binance introduced Binance Connect, a pioneering platform aimed at facilitating crypto-based transactions for businesses. The primary goal was to empower companies to embrace cryptocurrencies and seamlessly integrate them into their payment processes, thereby making them “crypto-ready,” as emphasized by the exchange at the time of the launch.
This innovative service, known as Binance Connect, provided a versatile solution by allowing merchants to accept payments in various cryptocurrencies. Boasting compatibility with 50 different digital currencies, Binance Connect ensured a comprehensive range of options for users looking to transact.
Moreover, the platform was designed to accommodate all major payment methods, including renowned options like Visa and Mastercard. This broad spectrum of payment alternatives made Binance Connect an accessible and inclusive avenue for merchants and customers alike, promoting a diverse and flexible ecosystem for cryptocurrency transactions.
Biswap conveyed that Binance arrived at a challenging resolution to deactivate Binance Connect because its service provider decided to discontinue the card payment support. Furthermore, Biswap emphasized that this adjustment corresponds with Binance’s strategic endeavors to center its attention on its fundamental business operations.
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Biswap announced their intention to deactivate Binance Connect on their official website, along with providing the contact details for Binance’s support team in case of inquiries. Biswap also highlighted that their collaboration with Binance Connect had been notably impactful, playing a pivotal role in enhancing the growth of both platforms.