Binance payments infrastructure provider Binance Connect will shut down on August 16.
Launched on March 7, 2022, Binance Connect, initially known as Bifinity, acted as a fiat-to-crypto payments provider connecting crypto firms with the traditional financial system. The platform launched with support for multiple cryptocurrencies, as well as fiat payment methods such as Visa and Mastercard.
On the day of Bifinity's launch, the U.K.'s Financial Conduct Authority (FCA) raised concerns about Bifinity's $36 million convertible loan to Nasdaq-listed crypto-investment firm Eqonex, stating that, due to the investment, certain holders of Bifinity's parent company, Binance Group, which is not regulated in the U.K., could be considered beneficiary owners of Eqonex. Binance Connect also serves as a fiat-to-crypto on-ramp provider for the firm's self-custody Trust wallet.
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