“Binance Discontinues Crypto Payments Platform, Prioritizes Core Products”

Aug 16, 2023

by Steven Miller

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Summary:

Binance, a major player in the cryptocurrency exchange arena, has announced the discontinuation of its crypto payments platform, Binance Connect. The platform, which allowed merchants to accept over 50 cryptocurrencies for payments, will be deactivated on August 16th. This move is part of Binance’s strategic decision to prioritize its core products and focus on its global blockchain ecosystem.

Introduction:

Binance, one of the leading cryptocurrency exchanges, is shutting down its crypto payments service, Binance Connect. Launched just a year ago, the platform aimed to enable merchants to accept payments in more than 50 cryptocurrencies, as well as major payment methods like Visa and Mastercard. However, Binance has decided to discontinue this service to reposition its focus on core products, according to an official statement from the company.

Main Points:

The decision to shut down Binance Connect aligns with recent developments, including Binance Australia suspending fiat services due to third-party issues and German regulators rejecting the company’s request for a crypto custody license. Despite these challenges, Binance has obtained a crypto broker-dealer license in Dubai.

Binance spokesperson explained that the company has evolved from being just an exchange to a global blockchain ecosystem with multiple business lines. They added that Binance consistently adapts its business approach to meet changing market and user needs.

Furthermore, Binance currently faces legal challenges from the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. These agencies have accused Binance of operating an unlicensed exchange in the United States.

Conclusion:

In a strategic move, Binance has decided to discontinue its crypto payments service, Binance Connect, in order to prioritize its core products. The platform allowed merchants to accept payments in over 50 cryptocurrencies and major payment methods. Despite facing challenges, such as regulatory issues and legal battles, Binance continues to expand its global blockchain ecosystem.

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