In a surprising move that has caused a stir in the crypto community, Binance has announced the news of the imminent closure of its fiat-to-crypto payment platform, Binance Connect.
The decision comes just over a year after the platform’s launch in March 2022, and is scheduled for 16 August 2023.
The platform, initially named Bifinity, aimed to bridge the gap between traditional fiat currencies and the rapidly evolving world of cryptocurrencies.
The reasons for the news of the closure of Binance Connect, Binance’s fiat-to-crypto platform
Binance Connect was created with a visionary goal: to serve as the official gateway for cryptocurrencies between the Binance exchange and various blockchain-based platforms.
By offering support for over 50 different cryptocurrencies, along with popular credit card payment methods such as Visa and Mastercard, Binance wanted to make the process of converting traditional money into digital assets as simple as possible.
This strategic move was
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