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<div class="cryptonews"> 
 <p class="is-style-lead">Binance Connect, a platform where users can process fiat-to-crypto payments, is shutting down today on Aug. 16.</p> 
 <p>The decision follows a <a rel="noopener noreferrer nofollow" title="shift" href="https://thebittimes.com/tag/shift.html">shift</a> in <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> <a rel="noopener noreferrer nofollow" title="dynamics" href="https://thebittimes.com/tag/dynamics.html">dynamics</a> and user requirements, as conveyed by a Binance spokesperson.</p> 
 <p>Binance is the world’s largest crypto exchange by client count.</p> 
 <p>Biswap, a decentralized exchange, shared a tweet on Aug. 15 announcing the exchange’s decision to discontinue Binance Connect operations.&nbsp;</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">Dear Biswappers,<br><br>The Biswap team keeps abreast of the latest DeFi news and aims to inform you right away.<br><br>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>— Biswap (@Biswap_Dex) August 15, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>In November 2021, Binance&nbsp;invested&nbsp;in Biswap.</p> 
 <p>Binance deactivated Binance Connect in the early hours of Aug. 15, 2023.&nbsp;</p> 
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 <p>As part of Anti-Money Laundering (AML) compliance, Binance must retain users’ data for a given period.</p> 
 <p>Binance Connect didn’t share any updates with the community via X, formerly Twitter.</p> 
 <p>The United States Securities and Exchange Commission (SEC) sued Binance in early June. However, its lawyers are responding to the regulator’s allegations.</p> 
 <p>The exchange is currently focusing on expanding its&nbsp;footprint&nbsp;in Asia and Latin America.</p> 
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Binance Connect winds down, cites shift in market dynamics

TheBitTimes

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