Binance has made the decision to disable Binance Connect on August 15. The decision was made due to the provider of the supporting card payments service closing down. Binance regularly reviews its products and services to focus on its core efforts and long-term strategy. Binance Connect, previously known as Bifinity, served as a fiat-to-crypto payments provider connecting crypto firms with the traditional finance system. It supported 50 cryptocurrencies and fiat payment methods like Visa and Mastercard. The United Kingdom’s Financial Conduct Authority expressed concern over Bifinity providing a $36 million loan to crypto investment firm Eqonex. Binance has faced various challenges recently, including the suspension of fiat services in Australia and the rejection of a crypto custody license request in Germany. However, the exchange did secure a crypto broker-dealer license in Dubai. It is also currently involved in litigation with the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission.
– Binance has decided to disable Binance Connect due to the provider of the supporting card payments service closing down.
– Binance regularly reviews its products and services to focus on its core efforts and long-term strategy.
– Binance Connect, previously known as Bifinity, served as a fiat-to-crypto payments provider.
– The United Kingdom’s Financial Conduct Authority expressed concern over Bifinity providing a loan to crypto investment firm Eqonex.
– Binance has faced challenges such as the suspension of fiat services in Australia and the rejection of a crypto custody license request in Germany.
Hot Take: Binance is facing various challenges and regulatory scrutiny in different countries, which may impact its operations and reputation. The decision to disable Binance Connect adds to the list of setbacks for the exchange.
By
By
By
By
By