Binance Connect is shutting down on Aug. 16

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

article-image

ANTON ZUBCHEVSKYI/Shutterstock modified by Blockworks

share

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.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (10).png

Research

Innovations on Aptos’ technical design through Raptr, Shardines, and Zaptos approach near-optimal latency and throughput by unlocking 100% utilization of network resources, with the capacity to settle 260k transactions per second with latencies less than 800ms. The original Move language was revamped with the launch of Move 2, supporting more expressivity in smart contract logic and a scalable ability to interact with high volume datasets. The ecosystem has benefitted from strong asset inflows, now hosting over $1.3B in stablecoins, $450M in bridged BTC, and $530M in RWAs. Activity in the Aptos ecosystem has grown notably over the past year, with monthly application revenue reaching ~$835k and monthly DEX volumes growing to over $5B, both at new all time highs.

article-image

The Stripe-acquired firm has big plans for a streamlined, multi-wallet future

article-image

Both founders of the former crypto lender have now landed in new crypto industry roles

article-image

Bitcoin’s recent peak is a victory lap for curvers left and right

article-image

Securitize CEO Carlos Domingo says institutions are eager to get exposure to tokenization

article-image

Trade isn’t war and prosperity isn’t a contest