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Cryptocurrency platform Binance has announced its decision to discontinue Binance Connect, formerly recognized as Bifinity. The decision comes precisely a year after its initiation. The company cited the intention of honing in on its principal offerings and future objectives as the reason behind this move.
Binance has elaborated that its mission is to consistently assess the services and products they offer, aiming to channel resources into areas that harmonize with its long-term vision. Having evolved over half a decade, Binance has transformed from merely a cryptocurrency exchange to a comprehensive blockchain platform with varied business facets. The overarching aim remains to remain agile and tweak their business blueprint based on evolving consumer needs and market dynamics, as conveyed by a company representative to CoinDesk.
Binance Connect made its debut on March 7, 2022, originally introduced as Bifinity. This service was created to bridge the gap between traditional monetary systems and cryptocurrency firms, enabling the transition of standard currency into crypto. At its commencement, the platform extended support to 50 different cryptocurrencies and facilitated payments through established card networks such as Visa and Mastercard. However, on the launch day, the UK's Financial Conduct Authority (FCA) voiced apprehensions regarding Bifinity's involvement in a $36 million convertible loan agreement with Eqonex, a crypto investment company listed on Nasdaq.
This investment by Bifinity led the FCA to comment on the possibility that certain stakeholders of its parent organization, Binance Group. It remains unregulated in the UK and could be perceived as the beneficial proprietors of Eqonex. Additionally, Binance Connect had taken on the responsibility of facilitating currency transition for the company’s Trust wallet.
A sequence of events followed Binance Connect's launch. In the same month, Binance's Australian segment suspended its standard currency services, attributing it to a problem with an external party. By June, the company faced a setback when German authorities declined their application for a crypto custody permit. In contrast, July witnessed the enterprise obtaining a cryptocurrency broker-dealer permit from Dubai’s regulatory bodies. Currently, Binance finds itself entangled in legal proceedings with the U.S. regulatory bodies over accusations of conducting unlicensed operations in the U.S.
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