Binance Connect

2023: Service outage

On August 16, 2023, the cryptocurrency exchange Binance announced the closure of the Binance Connect division. This decision is explained by the fact that the platform wants to reorient itself to its main products in order to achieve long-term goals.

Binance Connect is a division of the cryptocurrency exchange for the purchase and sale of digital assets for fiat money using bank cards. The service was launched in early March 2022 and was originally called Bifinity. Then it was said that the payment infrastructure combines traditional finances with leading and innovative blockchains, offering companies and individual users new ways to send and receive money around the world.

Our vision is to create an open financial world for people from all spheres of life, as well as large and small businesses in which they can realize their financial goals, the crypto exchange said.

However, in the current macroeconomic situation and in the context of the crisis, plans had to be changed. The company says that in six years (by mid-2023) Binance has turned from an exchange into a global blockchain ecosystem with several business areas. Therefore, the crypto platform constantly adapts and modifies its business model in response to changing market conditions and user needs.

We periodically review our products and services to ensure that our resources remain focused on core areas that are best suited to our long-term strategy, Binance officials said.

On August 14, 2023, Binance filed a petition with the court to limit the actions of the US Securities and Exchange Commission: the statement says that the regulator's requests for information are "overly broad" and "unreasonably burdensome."^[1]

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