An announcement has been made by Binance, the world’s largest crypto exchange, that it’s buy-and-sell crypto arm, Binance Connect, will be shut down.
Binance Connect, which was launched on 7th March, 2022 used to allow merchants to accept payments in crypto. In an effort to help companies become “crypto-ready”, the service supported 50 cryptocurrencies and all major payment methods, including Visa and Mastercard.
As per reports, on Tuesday, a spokesperson made the announcement via mail. According to the spokesperson, in accordance with the periodic review of its products and services, Binance has decided to shut down BNB Connect. In line with changing market needs and user preferences, the exchange continues to evolve its business strategy.
But according to Biswap, which is a decentralized exchange, “Binance made the “difficult decision” to disable Binance Connect “due to its provider closing the supporting card payments service.”
From September 25, 2023, Paysafe Solutions will stop offering support for the Single Euro Payment Area (SEPA) to Binance. Reports said the move was prompted by concerns over Binance’s use of a payment network in the United Kingdom, which is supervised by the Financial Conduct Authority.
