Binance halts cryptocurrency payment services on August 16, 2023

Credits: Sky news

Binance Connect, formerly known as Bifinity, a worldwide payment infrastructure supplier operated by Binance, is set to cease operations on August 16, 2023. Biswap, a decentralized platform for trading BEP-20 tokens on the Binance Smart Chain, communicated this information through its official Twitter account.

Biswap conveyed that Binance has taken a challenging step to deactivate Binance Connect due to the discontinuation of card payment services by its service provider. Additionally, Biswap indicated that this adjustment corresponds with Binance’s strategic objective of concentrating on its primary business activities.

A spokesperson for Binance Connect mentioned that this resolution reflects a reaction to evolving market demands.

They said, “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.”

Additionally, the spokesperson stated, “In the last six years, Binance has grown from being an exchange to a global blockchain ecosystem with multiple business lines.”

Moreover, he added, “We consistently adapt and modify our business approach in response to changing market and user needs.”

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Biswap, the decentralized trading platform for BEP-20 tokens on the Binance Smart Chain, recently shared significant news regarding its collaboration with Binance Connect. The platform revealed that it will be discontinuing the services provided by Binance Connect, a move that marks the end of a fruitful partnership.

Biswap made this announcement on its official website, where it assured users that the Binance support team’s contact information is available for any queries that may arise due to this development.

The platform expressed gratitude for its partnership with Binance Connect, describing it as “distinguished” and a driving force behind the advancement of both platforms.

Formerly known as Bifinity, Binance Connect was introduced slightly over a year ago, in March 2022. However, according to Binance, the decision to shut down Binance Connect stems from the company’s desire to realign its focus on core products and long-term strategic objectives.

Binance Connect has played a pivotal role in promoting crypto adoption among businesses. It allowed merchants to embrace cryptocurrency payments, thus facilitating their transition towards being “crypto-ready,” as highlighted by Binance during its launch. The platform supported 50 different cryptocurrencies and major payment methods, including Visa and Mastercard.

Over the past year, Binance Connect has forged collaborations with two notable wallet providers. In September 2022, it partnered with SafePal, enabling access to over 200 cryptocurrencies. In June 2022, it also joined forces with Trust Wallet. The primary aim of these collaborations was to accelerate the adoption of cryptocurrencies and bridge the gap between traditional finance and the burgeoning crypto economy.