- The platform will cease operations on August 16.
- The decision was made due to “changing market and user needs,” a company spokesperson said.
- The service had been operating since March 2022.
Cryptocurrency exchange Binance has announced the shutdown of its Binance Connect service, a company spokesperson told Cointelegraph.
The platform will cease operations on August 16, he said, as the company wants to refocus on its core products that will further its long-term goals.
A spokesperson for the exchange also added that the decision was made due to “changing market and user needs.”
The Binance Connect platform was launched on March 7, 2023, and was called Bifinity at the time.
The service acted as an intermediary for fiat and cryptocurrency payments in order to connect cryptocurrency companies with the traditional financial system.
At the time of its launch, the platform supported 50 different cryptocurrencies and fiat payment systems, notably Visa and Mastercard.
Remember, in early September 2022, Binance Connect entered into a cooperation agreement with cryptocurrency wallet SafePal.