Breaking: Binance Connect shutting down on August 16
Binance Connect, the regulated buy-and-sell crypto arm of Binance exchange, will shut down on August 16. Cointelegraph confirmed on August 15 via an email with a Binance spokesperson.
The same day, BNB Chain decentralized exchange Biswap tweeted that Binance "has made a difficult decision to disable Binance Connect on 15 August due to its provider closing the supporting card payments service." The Binance spokesperson stated:
Binance Connect launched on March 7, 2022, and was then known as Bfinity. The service acted as a fiat-to-crypto payments provider connecting crypto firms with the traditional finance system. At its launch, the platform supported 50 cryptocurrencies, along with fiat payment methods including Visa and Mastercard.
Dear Biswappers,The Biswap team keeps abreast of the latest DeFi news and aims to inform you right away.After a thorough consideration, @binance has made a difficult decision to disable @Binance_Connect on 15 August due to its provider closing the supporting card payments… pic.twitter.com/HcooyLn4sg
The same month, Binance Australia suspended fiat services, citing an issue with a third party. In June, German regulators rejected Binance's crypto custody license request. Though in July, the firm secured a crypto broker-dealer license with Dubai regulators. The exchange is currently engaged in litigation with both the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission on allegations of operating an unlicensed exchange in the U.S.
This is a developing story, and further information will be added as it becomes available.
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