Binance has discontinued its fiat-to-cryptocurrency exchange platform Binance Connect (Bifinity). The decision was a response to the termination of its payment partners’ support for cards, such as Visa and Mastercard.
Launched in March 2022, the service had connected businesses, merchants, and individuals to crypto and blockchain technology and had allowed over 50 digital assets to be exchanged with popular payment methods.
This comes as a result of backlash from the Financial Conduct Authority (FCA) following the platform’s partnership with EQONEX, and also due to a few decisions made on its part. In March 2023, Bifinity suspended deposits and withdrawals in pounds sterling.
Additionally, Binance Australia announced in May that they would no longer accept deposits in local dollars from its payment providers.
On September 25, Paysafe Payment Solutions, Binance’s banking partner in Europe, notified the exchange of their upcoming withdrawal of services.
