A Binance spokesperson has confirmed that Binance Connect, the regulated buy-and-sell crypto arm of the Binance exchange, will be shutting down on August 16. The decision was made in response to changing market and user needs. Binance Connect, previously known as Bifinity, acted as a fiat-to-crypto payments provider connecting crypto firms with the traditional finance system. It supported 50 cryptocurrencies and fiat payment methods such as Visa and Mastercard. The closure of Binance Connect comes after Binance Australia suspended fiat services and German regulators rejected Binance’s crypto custody license request. However, the exchange recently secured a crypto broker-dealer license with Dubai regulators. Binance is currently facing litigation with the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission over allegations of operating an unlicensed exchange in the United States.
