%Cryptocurrency exchange Binance is shutting down its payment service called %BinanceConnect formerly known as “Bifinity,” a year after its launch.
In a written statement, Binance said the service is being disabled effective immediately as it looks to focus on its main products and long-term strategic objectives.
“We periodically review our products and services to ensure that our resources continue to be focused on core efforts that align with our long-term strategy,” said the company.
Binance Connect had allowed merchants to accept payments in various cryptocurrencies, including %Bitcoin ($BTC) and %Ethereum ($ETH).
Launched in March 2022 to help companies capitalize on cryptocurrencies, the service supported more than 50 different types of cryptocurrencies and all major payment methods, including Visa and Mastercard credit cards.
The shutdown of the Binance Connect payment service comes as Binance is being investigated by regulators around the world, including the U.S. Securities and Exchange Commission (SEC).
The company recently laid off more than 1,000 employees.
Binance is privately held. Its stock does not trade on a public exchange.