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Binance Decides to Close Crypto Payment Service as it Shifts Attention to Key Offerings

The service was launched last March, aiming to prepare conventional financial firms for cryptocurrency integration.

by coinbrit
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Leading cryptocurrency exchange Binance announced the termination of Binance Connect, formerly known as Bifinity, one year after its launch. The platform announced the shutdown would happen on August 16, indicating a desire to return its focus to its core services and overarching goals.

“As part of our ongoing evaluation of offerings, we ensure that our energies are focused on crucial initiatives that align with our long-term vision,” the business said. Binance has evolved over the past five years from a simple exchange to a full global blockchain platform supporting numerous projects. A firm official told CoinDesk, “Our business tactics vary frequently, matching market shifts and consumer requests.

Binance Connect was initially introduced in March 2022 with the intention of assisting businesses in making the switch to accepting cryptocurrencies. The feature supported 50 different cryptocurrencies in addition to well-known payment processors like Visa and Mastercard.

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