Binance Shuts Down Payment Service, Sparks Outcry

• Binance has made the decision to shutter its crypto payment service, sparking significant scrutiny from the crypto community.
• The decision comes amid Binance’s struggles to maintain banking relationships and rising regulatory pressure.
• Critics have voiced skepticism of the exchange’s explanation for closing the service, suggesting it is related to banking troubles.

Binance Shuts Down Crypto Payment Service

Binance, the world’s largest cryptocurrency exchange, has announced that it will be shutting down its fiat-to-crypto payment service, Binance Connect. This move has sparked considerable derision amongst the crypto community despite assurances from Binance that this is an effort to focus on “core products“.

Complications with Banking Relationships

The closure of Binance Connect comes at a time when Binance is experiencing difficulties in maintaining banking relationships due to recent lawsuits from the U.S CFTC and SEC as well as an investigation by Australia’s ASIC into its derivatives license. As a result of these issues, their US affiliate was forced to switch to a crypto-only model in June and cancel their derivatives license in Australia earlier this year.

Community Reacts with Skepticism

The decision has been met with considerable criticism from members of the crypto community who have expressed doubts about Binance’s explanation for closing the service. Adam Cochran, partner at Cinneamhain Ventures and vocal critic of Binance took a jab at Binance CEO Changpeng “CZ” Zhao on Twitter writing: „Inb4 CZ says ‚4 this is just because we are so successful and so profitable that we need to do less to do more!“ Additionally, prominent commentator Napgenus ursus hinted that the decision may be related to difficulty in finding banking partners since losing Signature Bank and Silvergate earlier this year.

Impact on Customers

Despite being one of only three major exchanges offering both crypto and fiat currency trading services, customers will no longer be able access Paypal or credit/debit card payments via Binance Connect – leaving them unable to purchase any new cryptocurrencies until alternative payment methods can be found or implemented by the exchange itself.


Binance’s decision to shut down their payment service has raised questions amongst members ofthe cryptopcommunity regarding their true reasons behind doing so – particularly in light of recent complications with banking relationships they have faced over the past few months. While customers are now without access to Paypal or credit/debit card payments via BInance connect until alternative methods can be found or implemented – many remain hopeful for a suitable resolution soon enough.