As a seasoned crypto investor with a decade of experience under my belt, I must say that the revival of Binance Connect is a breath of fresh air. Having gone through the closure and subsequent resurrection of this service, I can attest to its potential benefits for users like myself who value seamless transitions between fiat and crypto.
The updated Binance Connect service for converting cryptocurrencies to traditional money (fiat) has been reintroduced. This refreshed platform seamlessly integrates with the Binance system, enabling users to switch between fiat and cryptocurrencies without the need to establish separate accounts.
In August 2023, the Binance Connect service was shut down, apparently because of difficulties related to their card payment service support.
A regulated fiat off-/on-ramp
Binance Connect now offers services for more than 100 traditional currencies, 300 digital currencies, and 300 payment options. This means users can easily buy and sell cryptocurrencies using their current Binance accounts via their Digital Finance (DeFi) wallets, as announced in a recent blog post by Binance.
According to the blog post, Binance Connect is designed to follow all relevant laws, providing its partners with a sense of security about their business activities and reducing the need for significant technical resources to ensure compliance. In simpler terms, a representative from Binance stated that Binance Connect helps partners operate legally while requiring minimal technical efforts for compliance. (Binance Connect was designed to meet regulations, ensuring partners they can run their operations legally with minimal technical effort required for compliance.)
“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 representative went on to explain that Binance Connect collaborates with numerous local banks, enabling users to make deposits and withdrawals via conventional banking networks directly. Additionally, Binance Connect is equipped to handle well-liked options like Apple Pay, Google Pay, and direct Visa/Mastercard transactions through key banking and card partners worldwide.
Binance has a variety of off-/on-ramp options
In March 2022, Binance Connect initially debuted as Bifinity, a payment company affiliated with it, offering support for more than 50 cryptocurrencies and popular platforms like Visa and Mastercard. Later in June 2022, the service rebranded as Binance Connect and merged with Trust Wallet, a digital wallet owned by Binance. Originally, Bifinity was based in Lithuania.
As a researcher, I found myself documenting an event that transpired in August 2023: the closure of Binance Connect. In a statement issued on X, Binance’s subsidiary Biswap clarified that the shutdown was necessitated by their provider discontinuing the card payment service they relied upon. Simultaneously, it appears that Connect.com severed its ties with Binance, doing so due to regulatory actions and directives reportedly issued in pertinent jurisdictions.
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.
As a crypto investor, I’ve recently learned that a new service I’m interested in is being introduced by Binance, in partnership with Paymonade. This service will require me to verify my account, and it’s currently being gradually deployed across different regions. My association with Paymonade goes back at least to January 2022, when Binance first established this relationship.
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2024-10-25 21:19