Binance Shuts Down Its Crypto Payments Arm, Files a Court Order Against the SEC
In Brief
Binance Connect’s regulated buy-and-sell crypto arm is set to shut down on August 16. The exchange reached this decision in response to evolving market dynamics and users’ requirements.
Binance has also officially filed a court order against the US Securities and Exchange Commission.
Binance Connect’s regulated buy-and-sell crypto arm is set to shut down on August 16. The service, previously known as Bifinity, went live in March 2022.
Binance Connect was initially planned as a platform supporting NFT checkout solutions, facilitating non-fungible token purchases via credit cards. However, the company didn’t ultimately incorporate this feature. Binance Connect provided payment choices such as Visa and Mastercard, alongside 50 cryptocurrencies.
According to the company’s spokesperson, the exchange reached this decision in response to evolving market dynamics and users’ requirements.
“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 representative told Blockworks. “In the last six years, Binance has grown from being an exchange to a global blockchain ecosystem with multiple business lines. We consistently adapt and modify our business approach in response to changing market and user needs.”
Binance has also officially filed a court order against the US Securities and Exchange Commission.
On Monday, August 14, the company submitted a request asking for a restraining order against the regulator. BAM Trading, the holding company of Binance.US, submitted the motion seeking a protective order against the SEC’s deposition notices and discovery requests.
“At bottom, the SEC is conducting a fishing expedition instead of seeking the narrow and “limited” discovery authorized by the Consent Order to ensure customer assets are presently secure and available. The SEC’s approach is especially troubling and inappropriate,” wrote BAM.
To address concerns about customer asset custody and security, BAM Trading provided deposition witnesses, including those in key positions.
The dispute between Binance and the SEC intensified after the SEC filed a lawsuit against Binance CEO Changpeng Zhao on June 5, 2023, alleging securities violations and charges.
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About The Author
Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]
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Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]
