A spokesperson for Binance has announced that Binance Connect, the regulated buy-and-sell crypto arm of the Binance exchange, will be shutting down on August 16. The decision was made in response to changing market and user needs. Binance Connect, previously known as Bifinity, acted as a fiat-to-crypto payments provider connecting crypto firms with the traditional finance system. The platform supported 50 cryptocurrencies and offered fiat payment methods such as Visa and Mastercard. However, the service will be disabled due to its provider closing the supporting card payments service. Binance has been facing regulatory challenges in various countries, including the suspension of fiat services in Australia and the rejection of a crypto custody license request in Germany. On the other hand, the exchange recently secured a crypto broker-dealer license in Dubai. Binance is also currently involved in litigation with the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission over allegations of operating an unlicensed exchange in the United States.