Binance Connect is shutting down on Aug. 16

Binance Connect launched on March 7, 2022, initially under the name Bifinity

August 15, 2023 02:29 pm

ANTON ZUBCHEVSKYI/Shutterstock modified by Blockworks

Binance Connect, the exchange’s one-stop shop for crypto on-ramps and payment infrastructures, will shut down on Aug. 16, a Binance spokesperson told Blockworks.

The company cited “changing market and user needs” as a reason for the move, though it didn’t elaborate any further.

“At Binance, we periodically review our products and services to ensure that our resources continue to be focused on core efforts that align with our long-term strategy,” a Binance spokesperson told Blockworks. “We consistently adapt and modify our business approach.”

Binance Connect launched on March 7, 2022, initially under the name Bifinity.

Binance Connect was also supposed to be the home for the exchange’s NFT checkout solution, a feature that never materialized.

NFT checkouts enable users to buy non-fungible tokens using a variety of different payment methods. For example, MoonPay has an NFT checkout that lets people pay with a credit card.

Initially, there was some confusion about when Binance was actually going to take Binance Connect down. Biswap, a decentralized exchange on the BNB Chain, tweeted out at 3:55 am ET Tuesday that Binance would be shutting down the website for the fiat on-ramp solution “at 01:00 PM UTC, August 15, 2023.”

This turned out to be incorrect — that time has since passed, and Binance Connect still appears to be operational as of 2:15 pm ET.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Binance

Newsletter

Blockworks Daily

Upcoming Events

Permissionless III Hackathon

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

learn more

Permissionless III

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

learn more

recent research

Research

Why Solana Mobile Should 100x Their Phone Production

Solana Mobile is a highly ambitious foray into the mobile consumer hardware market, seeking to open up a crypto-native distribution channel for mobile-first applications. The market for Solana Mobile devices has demonstrated a phenomenon whereby external market actors (e.g. Solana-native projects) continuously underwrite subsidies to Mobile consumers. The value of these subsidies, coming in the form of airdrops, trial programs, and exclusive NFT mints, have consistently covered the cost of the phone and generated positive returns for consumers. Given this trend in subsidies, the unit economics in the market for Mobile devices, and the initial growth rate and trajectory of sales, it should be expected that Solana mobile can clear 1M to 10M units over the coming years. As more devices circulate amongst users, Solana Mobile presents a promising venue for the emergence of killer-applications uniquely enabled by this mobile-first, crypto-native distribution channel.

by Luke Leasure