- Binance Connect, the regulated buy-and-sell crypto arm of Binance exchange, will shut down on August 16.
- The decision to shut down Binance Connect was made due to the provider closing the supporting card payments service.
- At its launch, Binance Connect supported 50 cryptocurrencies and fiat payment methods including Visa and Mastercard.
- The United Kingdom’s Financial Conduct Authority (FCA) expressed concern over Binance Connect providing a $36 million convertible loan to crypto investment firm Eqonex.
- Binance Connect is the fiat-to-crypto on-ramp provider for Binance-owned Trust wallet.
- In the same month, Binance Australia suspended fiat services due to an issue with a third party.
- In June, German regulators rejected Binance’s crypto custody license request.
- In July, Binance secured a crypto broker-dealer license with Dubai regulators.
- Binance is currently facing litigation with the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission over allegations of operating an unlicensed exchange in the U.S.
Binance Connect, the regulated buy-and-sell crypto arm of Binance exchange, will shut down on August 16. This decision was made due to the provider closing the supporting card payments service. At its launch, Binance Connect supported 50 cryptocurrencies and fiat payment methods including Visa and Mastercard.
The United Kingdom’s Financial Conduct Authority (FCA) expressed concern over Binance Connect providing a $36 million convertible loan to crypto investment firm Eqonex. This raised concerns about certain holders of Binance Connect’s parent company, Binance Group, being considered as beneficiaries of Eqonex. Binance Connect also serves as the fiat-to-crypto on-ramp provider for Binance-owned Trust wallet.
This announcement comes after Binance Australia suspended fiat services due to an issue with a third party. In addition, German regulators rejected Binance’s crypto custody license request in June. However, in July, the exchange secured a crypto broker-dealer license with Dubai regulators.
Binance is currently facing litigation with the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission over allegations of operating an unlicensed exchange in the U.S.
