Binance Sets Up Fiat-to-Crypto Payments Provider, Lends to FCA-Regulated Custodian

Bifinity supports 50 cryptocurrencies and major payment methods, including Visa and Mastercard.

AccessTimeIconMar 7, 2022 at 10:46 a.m. UTC
Updated May 11, 2023 at 4:08 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Binance, the largest cryptocurrency exchange in the world by trading volume, set up its own fiat-to-crypto payments provider, Bifinity, to help businesses become "crypto-ready," it said.

Bifinity, which was officially established last year and which was launched on Monday, supports 50 cryptocurrencies and all major payment methods, including Visa and Mastercard, Binance announced Monday.

  • Key Events You Shouldn't Miss at Consensus 2024
    Key Events You Shouldn't Miss at Consensus 2024
  • What to Expect From Consensus 2024
    What to Expect From Consensus 2024
  • Will Solana and Altcoins Dominate the Market Next?
    Will Solana and Altcoins Dominate the Market Next?
  • What's Next for FIT21?
    What's Next for FIT21?
  • Merchants will be able to use Bifinity's APIs (application programming interfaces) to "get their business crypto-ready," enabling them to accept payments in crypto.

    Bifinity also entered into a partnership with publicly traded digital assets financial services firm Eqonex (EQOS), advancing a $36 million convertible loan. Eqonex is the parent of Digivault, which last year became the first crypto custody firm to win regulatory approval from the U.K.'s Financial Conduct Authority (FCA).

    A convertible loan is one that can, under certain conditions, be converted into a stake in the borrower. The Binance unit also gains the right to appoint the CEO, chief financial officer and chief legal officer of Eqonex from within Bifinity.

    The FCA has previously voiced concerns about Binance. On Monday, the the watchdog issued a statement regarding the alliance with a firm that it regulates.

    "The FCA did not have powers to assess the fitness and propriety of the new beneficial owners or the change in control before the transaction was completed," the agency said.

    "The FCA can take steps to suspend or cancel the registration of a crypto-asset business if it is not satisfied the firm or its beneficial owner is fit and proper," it said. "The FCA also has powers to suspend or cancel a firm’s crypto-asset registration on a number of grounds, including where a firm has not complied with obligations under the money laundering regulations."

    It is unclear, however, whether the FCA plans to take further action. It declined to comment further when contacted by CoinDesk.

    Binance also said it fully reopened euro and sterling transactions over the single euro payments area (SEPA) and U.K's Faster Payments Service networks as of 11:00 UTC. SEPA was halted last July and started to be reinstated in January.

    "Binance retail users across Europe, with the exception of Netherlands and Switzerland, will be able to make EUR transfers directly via SEPA," the company said. "Support for corporate accounts is not available."

    UPDATE (March 7, 12:45 UTC): Adds Bifinity headquarters, resumption of Sepa, Faster Payments.

    UPDATE (March 7, 15:46 UTC): Adds Eqonex loan, alliance details, FCA statement.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.