A spokesperson said the move came in response to “changing market and user needs.”
Binance Connect, the regulated buy-and-sell crypto arm of the Binance exchange, will shut down on Aug. 16, Cointelegraph confirmed on Aug. 15 via an email with a Binance spokesperson.
The same day, BNB Chain-based decentralized exchange Biswap tweeted that Binance “has made a difficult decision to disable @Binance_Connect on 15 August due to its provider closing the supporting card payments service.” The Binance spokesperson stated:
Dear Biswappers,
The Biswap team keeps abreast of the latest DeFi news and aims to inform you right away.
After a thorough consideration, @binance has made a difficult decision to disable @Binance_Connect on 15 August due to its provider closing the supporting card payments… pic.twitter.com/HcooyLn4sg
— Biswap (@Biswap_Dex) August 15, 2023
The same month, Binance Australia suspended fiat services, citing an issue with a third party. In June, German regulators rejected Binance’s crypto custody license request. In July, however, the firm secured a crypto broker-dealer license with Dubai regulators. The exchange is currently engaged in litigation with both the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission on allegations of operating an unlicensed exchange in the United States.