Cryptocurrency exchange Binance has announced the impending closure of its buy-and-sell platform, Binance Connect, previously recognized as Bifinity. This decision comes a year after its introduction, as outlined in an official statement by the company.
According to Coindesk, the service will shut down on 16 August 2023, and the discontinuation of the service has been attributed to Binance's strategic inclination towards its core products and long-term objectives.
A spokesperson from Binance elaborated on this move, explaining that the company regularly assesses its array of offerings to ensure that its resources remain directed towards fundamental initiatives that are in line with its strategy. Over the past six years, Binance's evolution has transitioned it from a singular exchange to a global blockchain ecosystem that includes diverse business domains. Binance representatives highlighted that the company’s business approach remains fluid, adapting to the evolving market dynamics and user requirements.
The Binance Connect platform was introduced in March 2022 and was designed to facilitate crypto payments for merchants with the intent of fostering a ‘crypto-ready’ business landscape, as articulated by the exchange during its launch. Supporting a selection of 50 cryptocurrencies and inclusive of major payment methods such as Visa and Mastercard, the service was envisioned to expedite the adoption of cryptocurrencies within commercial transactions.
According to analyticsinsight.net, one of the primary reasons behind the service’s imminent demise relates to its declining demand and the fact that it never actually took off. The platform faced stiff competition from BitPay and Coinbase Commerce, among other cryptocurrency payment systems, and it faced challenges in drawing in merchants due to a declining demand for cryptocurrency payments.
Binance Connect also provided a buy-and-sell service, which allowed users to buy and sell cryptocurrencies directly through the site. After one year of operation, this service was discontinued.
Even though it will soon shut down one of its services, Binance is still committed to expanding its services to various parts of the world, including El Salvador and Dubai. In August 2023, the cryptocurrency exchange has secured a full cryptocurrency exchange licence in El Salvador.
As for Dubai, Binance won an operational licence in Dubai in August 2023, which represents step three of four to be fully regulated in the jurisdiction. Following this achievement, eligible users in Dubai gained the ability to access the company’s authorised services.
Binance holds approvals and registrations in 18 markets globally, including countries such as France, Italy, Spain, and Sweden. The company holds approvals and registrations in 18 markets globally, including countries such as France, Italy, Spain, and Sweden.The company holds approvals and registrations in 18 markets globally, including countries such as France, Italy, Spain, and Sweden.
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