In a significant move, Binance is winding down its crypto payment services while simultaneously taking legal action against the SEC.

Binance Connect, which allowed users to buy and sell cryptocurrencies in a regulated environment, is set to shut its doors on August 16. This service, which was launched in March 2022 under the name Bifinity, will no longer be available.

Binance Connect was initially envisioned as a platform designed to ease the checkout process for NFT purchases using credit cards. However, the feature was never ultimately integrated. The platform did offer payment options like Visa and Mastercard, along with the ability to transact in over 50 different cryptocurrencies.

A spokesperson for the company revealed that this decision stems from the need to adapt to changing market conditions and fulfill user demands.

A Binance representative commented, 'We regularly assess our offerings to ensure that we are concentrating our efforts on core initiatives that align with our long-term vision.' They went on to explain, 'Over the past six years, Binance has evolved from a mere exchange into a comprehensive global blockchain ecosystem, and we continually adjust our strategies to meet market dynamics and user expectations.' Blockworks This legal move is directed towards the US Securities and Exchange Commission.

Binance has also officially filed On August 14, the company filed for a restraining order against the SEC. BAM Trading, which oversees Binance.US, put forth a motion requesting protection against the SEC’s discovery and deposition notices.

'At the core, the SEC is engaging in a fishing expedition rather than pursuing the specific, limited discovery permitted by the Consent Order to ensure customer assets remain secure and accessible. This approach by the SEC is particularly concerning and inappropriate,' BAM stated.

To tackle worries related to asset security and custody, BAM Trading provided witnesses for depositions from significant positions within the company.

Tensions heightened between Binance and the SEC after the regulatory body launched a lawsuit against Binance’s CEO, Changpeng Zhao, on June 5, 2023, claiming violations related to securities.

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