Binance to Shut Down Crypto Payments Service Amid Refocus On Core Products (2024)

FAQs

Binance to Shut Down Crypto Payments Service Amid Refocus On Core Products? ›

Binance Connect, a global payment infrastructure by Binance, will shut down on August 16. The company's spokesperson stated that this decision is in alignment with Binance's strategic efforts to focus on its core business.

According to U.S. Attorney General Merrick Garland, Binance broke American law and made it simple for thieves to transfer money that had been pilfered or illegally obtained. According to the indictment, Binance violated sanctions by facilitating more than 1.1 million transactions between Americans and Iranians.

The interruption is attributed to the heightened transaction volume experienced on the network, prompting Binance to take necessary measures. Binance, in its statement, acknowledges the inconvenience caused by the intermittent suspension and assures users that efforts are underway to rectify the issue.

Binance is one of the safer exchanges compared to others. So if you're actively trading crypto and need to keep it on an exchange, Binance is a pretty secure choice. However, if you're holding large amounts of crypto long term, a private hardware wallet may be a better choice than keeping it on an exchange.

Before the end of Feb 2024, Binance will completely shut down its BUSD-related services. Binance will gradually cease support for BUSD products. Users are encouraged to convert their BUSD assets into other available assets on Binance prior to February 2024.

The SEC alleges that Binance and its U.S. arm, along with Zhao, have been operating as unregistered broker-dealers, violating the Securities Act of 1933 and the Securities Exchange Act of 1934.

Several top executives of major cryptocurrency exchange Binance are leaving the company as it faces pressure from regulators in numerous countries. Chief strategy officer Patrick Hillmann and senior vice president of compliance Steven Christie said in tweets Thursday that both had left.

Occasionally, we may need to lock your account if you have made recent changes to it. For example, if you have reached out to our team to reset your two-factor authentication, or you have changed your password, we will temporarily disable your ability to withdraw.

Users cannot withdraw USD without first converting it to stablecoins or another digital asset.

- Binance may eventually close the account due to inactivity. This means that you will lose access to your funds, and they will be permanently forfeited. - In some cases, Binance may charge an inactivity fee for accounts that are not used for an extended period of time.

Is Binance safe now? ›

Binance is one of the world's most secure and trustworthy exchanges that features multiple layers of 'bank-like' security measures and management protocols to ensure the 100% safety of its customers personnel information and funds.

Is Binance Exchange Safe? Binance is often considered one of the safest exchanges in the world if you consider the level of security. If the exchange crashed or a hacker stole assets or funds, the SAFU reimburses its users from the $1 billion fund. Not every platform has an insurance fund in place.

Both Coinbase and Binance have advanced security measures to protect users' funds. However, storing your funds in a personal wallet is always recommended rather than leaving them on the exchange.

Binance Holdings Limited (Binance), the entity that operates the world's largest cryptocurrency exchange, Binance.com, pleaded guilty today and has agreed to pay over $4 billion to resolve the Justice Department's investigation into violations related to the Bank Secrecy Act (BSA), failure to register as a money ...

The U.S. Department of Justice has been controversial for only imposing a light fine on Binance founder for alleged anti-money laundering violations. Changpeng Zhao, CEO of cryptocurrency exchange giant Binance, left court this week with a sentence that many viewed as a light punishment.

The company will survive, however, even though its founder and CEO, Changpeng Zhao, was forced to step down as part of his plea agreement. In the world of federal white-collar prosecutions, where the government usually gets what it wants, Binance's survival is a victory for the defense.

In conclusion, Binance is a safe and legitimate cryptocurrency exchange that offers low fees, strong security measures, and a wide range of currencies. Its user-friendly interface and helpful customer service make it a top choice for many traders.

No, we are not detecting any problems with Binance right now. The last outage detected for Binance was on Friday, March 15, 2024 with a duration of about 42 minutes. Want to advertise in this space? Reach Binance users directly when they're experiencing technical issues, slow performance, and downtime.

Binance's Legal Woes Amplify Centralised Exchange Concerns

The growing concerns reflect diminishing trust in centralised exchanges following a series of industry scandals throughout 2022. Recent headlines have focused the market's worries squarely on Binance, which is one of the largest players in the crypto market.

Final Verdict. Although Binance is the largest cryptocurrency exchange in the world, the ongoing investigations and the long list of countries banning or limiting its services are cause for concern. Its platform also may be too complicated for new cryptocurrency investors.