The Binance Connect crypto-to-fiat solution has been revamped and relaunched. The revived service is fully integrated into the Binance ecosystem and now allows users to transition between fiat and crypto without setting up additional accounts.
The original Binance Connect service closed down in August 2023, reportedly due to an issue with card payment service support.
A regulated fiat off-/on-ramp
The new Binance Connect supports over 100 fiat currencies, 300 cryptocurrencies and 300 payment methods. Users can buy and sell cryptocurrencies directly from their existing Binance accounts through their DeFi wallets, Binance said in a blog post.
Binance Connect “is built to adhere to applicable regulations, giving partners confidence in their operations while minimizing technical resources needed to comply,” the blog said. A Binance spokesperson told Cointelegraph:
“Binance’s existing services comply with local regulations in the jurisdictions where we operate. And Binance Connect leverages the existing fiat on and off ramp solutions/services of Binance which ensures the same regulatory compliance. Though depending on certain jurisdictions, some Binance Connect services are restricted.”
The spokesperson continued that Binance Connect works with various regional banks to allow direct deposits and withdrawals through traditional banking channels. Binance Connect also supports popular methods such as Apple Pay, Google Pay, and direct Visa/Mastercard payments through major bank and card partners globally.
The Binance Connect announcement. Source: Binance
Binance has a variety of off-/on-ramp options
Binance Connect began its existence in March 2022 as Bifinity, an affiliated payment company that supported over 50 cryptocurrencies and payment platforms, including Visa and Mastercard. The service soon changed its name to Binance Connect and integrated with Binance-owned self-custody Trust Wallet in June 2022. Bifinity was registered in Lithuania.
In August 2023, Binance Connect was closed. Binance subsidiary Biswap explained on X that the closure was “due to its provider closing the supporting card payments service.” Close to the same time, Connect.com ended its relationship with Binance because of “reports of regulators actions and orders in relevant jurisdictions.”
Source: Binance
The Binance Connect resurrection comes one day after the announcement of a new service through its partner Paymonade. Users can “sell crypto directly to credit/debit cards (Visa/Mastercard),” selling and converting cryptocurrencies into local fiat currencies that are deposited directly to bank cards.
The new service requires account verification by Paymonade and is being gradually rolled out to various regions. Binance’s relationship with Paymonade dates back at least to January 2022.
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