Binance Connect Closing Doors on August 16
Binance Connect, a key service of Binance exchange, is shutting down on August 16 due to changing market and user needs.
Dear Biswappers,
The Biswap team keeps abreast of the latest DeFi news and aims to inform you right away.
After a thorough consideration, @binance has made a difficult decision to disable @Binance_Connect on 15 August due to its provider closing the supporting card payments… pic.twitter.com/HcooyLn4sg
— Biswap (@Biswap_Dex) August 15, 2023
On August 16, Binance Connect, a well-known service of the Binance Exchange, will shut down. This move is a response to the shifting needs of the crypto market and its users. Binance Connect has played an important role in connecting traditional finance with the digital currency world.
Binance’s Journey and Changes in Strategy
Binance has grown and changed a lot in the past six years. It started as an exchange and turned into a global network dealing with many parts of the blockchain world. Binance Connect was one of the services that helped people and businesses change their regular money into digital money. Now, Binance is focusing more on other parts of its business that fit its long-term plans.
When Binance Connect launched on March 7, 2022, people could use it to buy 50 different digital currencies with regular payment methods like Visa and Mastercard. This made it easier for many people to get involved in the growing world of digital money.
Legal Questions and Issues Along the Way
Binance didn’t just face business challenges; they had some legal problems too. In the United Kingdom, the Financial Conduct Authority (FCA) worried about Binance’s investment in another company called Eqonex. The FCA thought that some people in Binance’s parent company might end up owning part of Eqonex, and this caused concern because of lack of regulation for Binance in the U.K.
Binance Connect was also important because it helped Binance’s Trust wallet, a place where people keep their digital money, work with regular money. But there were more problems. Binance had to stop using regular money in Australia for a while, and Germany said no when Binance asked to be a legal holder of digital money.
Still, Binance did have some good news when Dubai said yes to letting them be a digital money dealer in July. But, in the United States, Binance is still fighting with the government because they’re accused of running a business without the right permission.
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Filed under: Bitcoin - @ August 15, 2023 6:14 pm