Binance Connect, the exchange’s one-stop shop for crypto on-ramps and payment infrastructures, will shut down on Aug. 16, a Binance spokesperson told Blockworks.
The company cited “changing market and user needs” as a reason for the move, though it didn’t elaborate any further.
“At Binance, 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,” a Binance spokesperson told Blockworks. “We consistently adapt and modify our business approach.”
Binance Connect launched on March 7, 2022, initially under the name Bifinity.
Binance Connect was also supposed to be the home for the exchange’s NFT checkout solution, a feature that never materialized.
NFT checkouts enable users to buy non-fungible tokens using a variety of different payment methods. For example, MoonPay has an NFT checkout that lets people pay with a credit card.
Initially, there was some confusion about when Binance was actually going to take Binance Connect down. Biswap, a decentralized exchange on the BNB Chain, tweeted out at 3:55 am ET Tuesday that Binance would be shutting down the website for the fiat on-ramp solution “at 01:00 PM UTC, August 15, 2023.”
This turned out to be incorrect — that time has since passed, and Binance Connect still appears to be operational as of 2:15 pm ET.
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Source: https://blockworks.co/news/binance-connect-shutting-down