Crypto titan Binance is discontinuing its fiat-to-crypto payment platform, Binance Connect. This announcement comes just over a year after its initial launch in March 2022, when it was introduced as Bifinity. As of August 16, Binance Connect will no longer be operational.
Binance’s decision to close down the platform is grounded in its strategy of continuous evaluation. A Binance representative, in a statement, mentioned:
“We periodically review our products and services to ensure that our resources continue to be focused on core efforts that align with our long-term strategy.”
Binance Connect’s role
When first introduced, Binance Connect aimed to serve as the premier fiat-to-crypto bridge for the Binance ecosystem and other blockchain platforms. The platform boasted support for more than 50 cryptocurrencies and seamlessly integrated with popular payment methods such as Visa and Mastercard.
Additionally, Binance Connect had once attracted the advisory expertise of Joseph Johnson, brother of the former UK Prime Minister, Boris Johnson. However, Johnson vacated his advisory position in December 2022, a few months before the platform’s shutdown.
