Binance Connect, formerly known as Bitfinity, will cease operations today.
The announcement came from Biswap, a decentralized exchange platform on BNB Chain, via a tweet. Binance Connect’s discontinuation was attributed to its provider ending support for card payments.
Binance Connect was a payment infrastructure whose stated goal was to bridge traditional finance with emerging blockchains. Its platform supported over 50 cryptocurrencies and offered a range of payment methods.
However, Binance has recently faced severe legal challenges. The U.S. Department of Justice (DOJ) is reportedly considering criminal charges against Binance, with concerns about potential market panic. The apprehension stems from the possibility that indicting Binance could lead to a situation similar to the collapse of FTX, another crypto platform. The DOJ is contemplating alternative actions, such as fines or deferred agreements, to avoid widespread panic.
Furthermore, Binance and its founder, Chang
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