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Binance to shut crypto payment infrastructure as market dominance dips

Binance will shut down its cryptocurrency payment service Binance Connect on Aug. 16, a Binance spokesperson confirmed to Forkast on Wednesday. Binance Connect, previously known as “Bifinity,” was Binance’s fiat-to-crypto payment infrastructure launched in March 2022. It enabled users to process payments in over 50 cryptocurrencies and make cryptos purchases via traditional methods like Mastercard and Visa. While Binance holds its position as the world’s largest centralized crypto exchange by spot trading volume, its dominance is reportedly waning. A recent report by cryptocurrency data provider CoinGecko highlighted a 52.4% decline in Binance’s trading volume between Q1 and Q2 of 2023.

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