16-8-2023 (LONDON) Leading cryptocurrency exchange Binance has announced its decision to discontinue its buy-and-sell service, Binance Connect, previously known as Bifinity. The service, which was launched just a year ago, will be disabled on August 16. Binance stated that the move is aimed at refocusing on its core products and long-term objectives.
According to a statement from Binance, the company periodically reviews its products and services to ensure that resources are dedicated to core efforts that align with their overarching strategy. Over the past six years, Binance has evolved from being solely an exchange to establishing a global blockchain ecosystem with diverse business lines. The exchange emphasized its commitment to adapting and modifying its business approach in response to evolving market dynamics and user requirements.
Binance Connect was introduced in March 2022 with the aim of assisting merchants in accepting cryptocurrency payments, enabling them to become “crypto-ready.” At the time of its launch, the service supported 50 different cryptocurrencies and offered compatibility with major payment methods, including Visa and Mastercard.
