Crypto exchange Binance is shutting down its fiat-to-crypto payment platform Binance Connect, according to reports.
The move comes over a year after the platform launched in March 2022, originally named Bifinity. Binance Connect will officially shut down on Aug. 16.
"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 was quoted by CoinDesk as saying in a statement.
"In the last six years, Binance has grown from being an exchange to a global blockchain ecosystem with multiple business lines," the spokesperson added. "We consistently adapt and modify our business approach in response to changing market and user needs."
Fiat-to-crypto on-ramp
Binance Connect's original goal was to be the official fiat-to-crypto on-ramp between Binance and blockchain-based platforms. It supported over 50 cryptocurrencies, as well as Visa, Mastercard and other payment methods.
Former UK Prime Minister Boris Johnson's brother Joseph had held an advisory role to Binance Connect but stepped down in December of 2022.
