Binance Connect, the crypto transaction subsidiary operating within the Binance ecosystem under regulatory oversight, is preparing to conclude its operations on August 16th. This unexpected decision to halt Binance Connect's services, which was confirmed by Biswap, a decentralized exchange on the BNB Chain, stemmed from Binance's payment card service provider discontinuing support.
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Addressing Regulatory Challenges
Originally introduced on March 7, 2022, as "Bifinity," Binance Connect served as a link between the world of cryptocurrency and traditional financial systems. During its inception, the platform enabled transactions involving around 50 different cryptocurrencies and utilized well-recognized methods such as Visa and Mastercard. Simultaneously, concerns arose from the U.K.'s Financial Conduct Authority (FCA) regarding Bifinity's $36 million convertible loan to Eqonex, a crypto investment entity listed on Nasdaq.Read More:
Binance Connect’s Crypto Operations Come to a Close
Binance Connect, the crypto transaction subsidiary operating within the Binance ecosystem under regulatory oversight, is preparing to conclude its operations on August 16th. This unexpected decision t...
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