Binance Launches Fiat-to-Crypto Payments Provider
- Merchants will be able to use Bifinity’s APIs to “get their business crypto-ready”, enabling them to accept payments in crypto.
- The new fiat-to-crypto payments provider will support 50 cryptocurrencies and all major payment platforms, including Visa and Mastercard.
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Popular crypto exchange Binance has launched its own fiat-to-crypto payments provider, called Bifinity, to help businesses with crypto adoption, the company said in a blog post on 7 March.
According to the announcement, the new fiat-to-crypto payments provider will initially support 50 cryptocurrencies as well as all major payment platforms, including Visa and Mastercard. Bifinity will provide businesses with a seamless API, helping them become “crypto-ready” and enabling them to accept payments in crypto. The president of Bifinity, Helen Hai, said in a statement:
“As the crypto and the Web3 economy continue to grow, we see greater demand to build improved fiat-to-crypto on-ramps to bridge the gap between the traditional finance industry and the decentralized and centralized crypto economy. At Binance, the vision is to increase the freedom of money globally. With the launch of Bifinity, we aim to accelerate mass crypto adoption.”
Bifinity also revealed a number of partnerships with several crypto-related firms on Monday. The new crypto payments platform has entered into a strategic partnership with Eqonex — the parent company of Digivault, which is the first crypto custody firm to win the FCA’s regulatory approval — to advance a $36 million convertible loan. Following the announcement, the FCA quickly issued a statement regarding the Bifinity-Eqonex partnership, and while it is unknow if the regulator will take any action it did say:
“The FCA can take steps to suspend or cancel the registration of a crypto-asset business if it is not satisfied the firm or its beneficial owner is fit and proper. The FCA also has powers to suspend or cancel a firm’s crypto-asset registration on a number of grounds, including where a firm has not complied with obligations under the money laundering regulations.”
Bifinity will also partner with wallet providers Safepal and Ziliqa, specialized payments platform Paysafe, and global payments processor Checkout.com. Binance also announced on Monday that it has fully reopened euro and pound transactions over the Single Euro Payment Area (SEPA) and the U.K. Faster Payments Service networks, which were disabled last July.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.