Binance to shut down Binance Connect platform

On 16 August, Binance will cease operation of the fiat-to-cryptocurrency exchange platform Binance Connect (Bifinity).

Biswap cited the termination of card support by Binance’s partners as the reason.

The service was launched in March 2022. It connected companies, sellers and consumers to the world of cryptocurrencies and blockchain technologies.

The platform supported more than 50 digital assets and popular payment methods and systems such as Visa and Mastercard.

“We periodically review our products and services. […] We continually adapt and modify our business approach in response to changing market and user needs,” — said a CoinDesk spokesperson.

Earlier, the launch of Bifinity and the firm’s strategic partnership with the digital asset manager EQONEX drew a negative reaction from the FCA.

In March 2023, the exchange suspended deposits and withdrawals in pounds sterling.

In May, Binance’s Australian division notified of the discontinuation of top-ups in Australian dollars due to actions by the payment service provider.

Subsequently, Binance’s European banking partner—Paysafe Payment Solutions—announced that from 25 September it would discontinue servicing the platform.