According to the development first reported by Coindesk, Binance, one of the world's largest cryptocurrency exchanges, announced that it will terminate its trading service Binance Connect, previously known as Bifinity, on August 16, 2023.
Launched in March 2022, the service offered merchants the ability to accept payments in various cryptocurrencies and fiat currencies.
According to a statement from Binance, the decision to close Binance Connect was made after a periodic review of its products and services. The exchange said it wants to focus on its core operations and long-term strategy, which includes building a global blockchain ecosystem with multiple lines of business.
According to Coindesk's claim, the company spokesperson said:
“We periodically review our products and services to ensure that our resources continue to focus on core efforts aligned with our long-term strategy. Over the past six years, Binance has gone from being an exchange to a global multi-line blockchain ecosystem. We are constantly adapting and changing our business approach in response to changing market and user needs.”
*Not investment advice.
