2023-08-16 15:11:20
On August 16, 2023, Binance will close its payment platform Binance Connect, which converts fiat money (e.g. USD, EUR or HUF) to cryptocurrencies. The platform, which was originally launched as Bifinity, was a kind of first-level entry to crypto, as some of the users were able to convert their account money to cryptocurrency here. Until now, 50 different cryptocurrencies might be purchased on Binance Connect, among other things, by bank transfer or with Visa and Mastercard. Binance Connect was launched less than a year ago, in March 2022, under the name Bifinity with the aim of making it easier for even more average users to get started in the world of cryptocurrencies. It is interesting that until December 2022, the brother of former British Prime Minister Boris Johnson, Joseph Johnson, also worked as a consultant at the company, but resigned from the position at the end of the year. A Binance spokesperson commented on the shutdown in the company’s press release: “We periodically review and evaluate our products and services to ensure the optimal use of our resources for our long-term strategy. Over the past six years, Binance has grown from a simple crypto exchange to a global blockchain ecosystem with many businesses. We flexibly adapt and modify our business approach to changes in market and user needs.” It will still be possible to deposit fiat money on the Binance exchange in most countries, with this decision the crypto giant certainly wants to steer its users in this direction.
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