Binance to Shut Down Crypto Payments Service Amid Refocus On Core Products

The service was rolled out in March last year, in an effort to make traditional financial companies “crypto-ready.”

AccessTimeIconAug 15, 2023 at 6:15 p.m. UTC

Crypto exchange Binance to shut down its buy-and-sell service Binance Connect, formerly known as Bifinity, just one year after its launch, the company said in a statement.

The service will be disabled on Aug. 16 as the crypto exchange wants to refocus on its main products and long-term goals, according to Binance.

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  • “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. In the last six years, Binance has grown from being an exchange to a global blockchain ecosystem with multiple business lines. We consistently adapt and modify our business approach in response to changing market and user needs,” a spokesperson told CoinDesk in an emailed statement.

    Binance Connect, which allowed merchants to accept payments in crypto, launched in March 2022 in an effort to help companies become “crypto-ready,” the exchange said back then. The service supported 50 cryptocurrencies and all major payment methods, including Visa and Mastercard.

    Edited by Aoyon Ashraf.

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    Helene Braun

    Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.