cryptojournalist
In August 2023, Binance Connect was shut down. Biswap, a Binance affiliate, explained that this was because their provider stopped supporting card payments. Around the same time, Connect.com, another service linked to Binance, ended its relationship with Binance due to regulatory concerns.
Now, Binance Connect is back, powered by a partnership with Paymonade. This new setup lets users sell their crypto directly to Visa or Mastercard cards, converting it into local currency that’s deposited straight into their bank accounts—making the process easier and faster.
To use this updated service, users just need to verify their accounts with Paymonade. The service is rolling out gradually across different regions, adding to a partnership between Binance and Paymonade that started back in January 2022.
Fiat currency: Traditional, government-issued money, like U.S. dollars or euros.
