Binance Connect, previously known as Bifinity, is tentatively scheduled to shut down on August 16, 2023. The crypto on-ramp and payment infrastructure went live on March 07, 2022. After a year, the service is all set to be blown out by the venture. A spokesperson did interact with the media, but they did not elaborate on the reason behind its exit from the market.
Per the statement published by the spokesperson of Binance, the company has decided to take Binance Connect off the air amid the changing market and user needs. A detailed statement shows that this was a part of Binance periodically reviewing its products and services to make sure that all the offerings align with its long-term strategy. Meaning, Binance is looking for sustainable measures to move up the ladder, and Binance Connect is failing to be a core part of it.
The spokesperson has further said that Binance continues to adapt and modify the business approach to make sure that the resources are deployed in the right manner. The focus remains on investing more efforts in the product line that is working in the present and has a future ahead of it.
What baffles the community is the aspect that Binance Connect was teased as a window to the NFT checkout solution. The feature never materialized, but the community was optimistic that Binance would find a way to make things work. It is understandable if the venture wants to stick with the changing needs as the reason, but the fact cannot be ignored that the portion of Binance was never scalable.
NFT checkouts are products that allow users to buy non-fungible tokens with their preferred payment option. For instance, MoonPay allows its users to leverage their credit cards to buy an NFT. Other platforms can have a variety of other payment options, including cryptocurrency.
The reason why the current timeline is tentative is because it was previously reported that Binance Connect will be taken off the internet on August 15, 2023, at 1:00 pm UTC. The platform was live even after that, causing a series of speculation if Binance actually wanted to withdraw the product. However, a recent report has circulated, mentioning that August 16, 2023, is the final day for Binance Connect to breathe fresh air. A precise time is unavailable, but Binance can take it off at any moment.
Binance has also been in the news, as US users have been blocked out from their accounts since 2019. Reports surfacing around have claimed that the FBI has seized approximately $400k from the platform account users. These are all in the form of cryptocurrencies, and the said action was taken in May 2023.
Six Binance accounts were seized between May 02, 2023, and May 23, 2023. The FBI took this action for violation of federal law.
Come August 16, 2023, and there is a chance that the community may not see Binance Connect again when they try to log in to their accounts.