Binance, the world’s largest centralized crypto exchange by spot trading volume, will close its cryptocurrency payment service Binance Connect on Aug. 16, according to a Binance spokesperson who spoke to Forkast News on Wednesday.
Binance Connect, formerly known as “Bifinity,” was launched in March 2022 as Binance’s fiat-to-crypto payment platform.
It allowed users to make payments in more than 50 cryptocurrencies and buy cryptos using conventional methods like Mastercard and Visa.
The spokesperson said the decision to shut down the service was due to “changing market and user needs.”
Binance’s dominance in the crypto market is reportedly declining. A recent report by CoinGecko, a cryptocurrency data provider, showed that Binance’s trading volume dropped by 52.4%, or US$823.9 billion, between Q1 and Q2 of 2023.