Biswap

Connect

Elon Musk

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 <p>Binance has shut down crypto payment service Binance Connect only a year after its launch, citing changing market needs.</p> 
 <p>Previously known as Bifinity, the crypto payments service is set to be disabled on August 16th, with Binance saying the closure will enable it focus on core products and long-term goals.</p> 
 <p>“We consistently adapt and modify our business approach in response to changing market needs”, said a Binance spokesperson in an email to CoinDesk.</p> 
 <p>BNB-based decentralized exchange Biswap tweeted that it would disable Binance Connect, adding that the change “aligns with the strategic effort of Binance to focus on its core businesses.”</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Dear Biswappers,</p> 
  <p>The Biswap team keeps abreast of the latest DeFi news and aims to inform you right away.</p> 
  <p>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</p> 
  <p>— Biswap (@Biswap_Dex) August 15, 2023</p> 
 </blockquote> 
 <p></p> 
 <p>&nbsp;</p> 
 <h2 id="binance-connect-was-a-concern-for-regulatory-authorities-from-day-1">Binance Connect Was a Concern For Regulatory Authorities from Day 1</h2> 
 <p>Launched as Bifinity in March 2022, Binance Connect acted as a bridge between crypto and traditional financial institutions and provided fiat-to-crypto payments provider services. Supporting 50 cryptocurrencies at the time of launch, it also supported fiat payment methods using VISA and Mastercard.</p> 
 <p>Soon after its launch, however, it drew criticism from UK’s FCA due to Bifinity providing a $36 million convertible loan to crypto investment firm Equinox, a Nasdaq-listed entity.</p> 
 <p>Stating that Binance Markets Limited wasn’t allowed to conduct certain regulated crypto-related activities in the UK without prior consent, the FCA claimed that Binance’s products posed “significant risks” to its investors.</p> 
 <p>FCA feared that the loan granted Bifinity “specific contractual rights” over Eqonex, which could allow Binance Connect (then Bifinity) to conduct crypto-related activities in the UK via Digivault, a Diginex’s UK subsidiary and custody solution to Eqonex.</p> 
 <p>During the month this issue was presented, Binance stopped its fiat services in Australia due to issues with a third party. June 2022 saw Binance’s custody license application being rejected by German regulators. However, since July 2022, Binance has become a licensed crypto broker-dealer in Dubai.</p> 
 <p>Currently, the world’s leading exchange by market capitalization is amidst legal battles against the US Securities and Exchange Commission and Commodity Futures Trading Commission – both of which have alleged that Binance operated on US soil without a license.</p> 
 <h2 id="related-news">Related News</h2> 
 <ol> 
  <li>Binance Seeks Protective Order Against SEC’s “Fishing Expedition”</li> 
  <li>Monetary Authority of Singapore Releases Regulatory Framework for Single-Currency Stablecoins</li> 
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Binance Connect Shut Down Due to Changing Market Needs

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TheBitTimes

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