Binance, the world’s largest cryptocurrency exchange, announced that it has shut down Binance Connect (previously Bifinity), a part of the Binance exchange where users can buy and sell cryptocurrencies in a controlled way.
Binance Connect has posted a Notice of Service Termination. The notification says, “Due to strategic reasons, we announce the termination of all Binance Connect services on 16 August. We want to assure you that we are committed to making the transition as smooth as possible for all our partners.”
“We are required to retain user’s personal data that is processed according to the merchant agreement to comply with Anti Money Laundering laws. When the mandatory period for which we must hold the data has passed, we will delete it from our systems,” says the notice.
Binance Connect: Bridge between crypto & traditional finance
Binance Connect, launched on March 7, 2022, operated as a bridge between cryptocurrency companies and the traditional financial system, allowing users to use regular money to buy cryptocurrencies.