Binance Connect, the regulated buy-and-sell crypto arm of Binance exchange, is set to shut down on August 16.
This announcement comes after the decentralized exchange Biswap tweeted on the same day, revealing that Binance had made a challenging decision to disable its crypto arm on August 15 due to the closure of its supporting card payments service.
Biswap’s Tweet Reveals Binance Connect’s Closure
Initially launched as Bfinity on March 7, 2022, Binance Connect aimed to bridge the gap between traditional finance and the world of cryptocurrencies.
It served as a fiat-to-crypto payments provider, facilitating connections between crypto firms and the conventional financial system. The platform’s launch boasted support for an array of 50 cryptocurrencies and included popular fiat payment methods like Visa and Mastercard.
However, the decision to shut down Binance Connect has sent shockwaves throughout the industry, raising…
