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

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.

“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.