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Binance to Shut Down Crypto Payments Service Amid Refocus On Core Products
The service was rolled out in March last year, in an effort to make traditional financial companies “crypto-ready.”
Aug 15, 2023, 6:15 p.m.
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Crypto exchange Binance to shut down its buy-and-sell service Binance Connect, formerly known as Bifinity, just one year after its launch, the company said in a statement.
The service will be disabled on Aug. 16 as the crypto exchange wants to refocus on its main products and long-term goals, according to Binance.
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“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 CoinDesk in an emailed statement.
Binance Connect, which allowed merchants to accept payments in crypto, launched in March 2022 in an effort to help companies become “crypto-ready,” the exchange said back then. The service supported 50 cryptocurrencies and all major payment methods, including Visa and Mastercard.
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- Hong Kong officials used the opening day of Consensus Hong Kong to signal a push into digital assets, pledging stablecoin licenses as soon as next month and new rules for perpetual contracts.
- Speakers at the conference framed crypto as central to emerging trends such as an AI-driven “machine economy,” with Financial Secretary Paul Chan envisioning AI agents transacting onchain.
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