Binance Connect crypto payment services shuts down

Binance will close its buy-and-sell service Binance Connect today, just a year after launching, the company has said.

The service, formerly known as Bifinity, will be shut today, 16 August, as the exchange says it wants to concentrate on its core businesses.

Binance Connect facilitated companies accept transactions in crypto to help them become ‘crypto-ready’. Binance Connect supported approximately 50 cryptos, along with other methods, like Mastercard and Visa.

Biswap, a decentralised exchange for BEP-20 tokens on Binance Smart Chain, made the announcement on its X account.

It said: “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 service. This change aligns with the strategic efforts of Binance to focus on its core businesses.

“Therefore, due to the circumstances, we’ll turn off Binance Connect on our website at 01:00 PM UTC, August 15, 2023.”

Binance Connect has in the past joined up with two wallet providers. In September last year, it partnered with SafePal and with Trust Wallet in June 2022.

Binance Connect had previously stated its aim to “increase crypto adoption and bridge the gap between traditional finance and the crypto economy”.