Binance is discontinuing its fiat-to-crypto payment tool Binance Connect, which was introduced in March 2022 under the name Bifinity. Binance’s platform will formally close on August 16, and the company has been altering its business model to accommodate shifting market and customer demands. Binance Connect was designed to be the official fiat-to-crypto on-ramp between Binance and blockchain-based services, with over 50 cryptocurrencies and Visa and Mastercard payment options. Joseph, the brother of former UK Prime Minister Boris Johnson, served as an advisor to Binance Connect but resigned in December 2022.
Coinbase, the largest cryptocurrency exchange in the United States, has received regulatory authority to provide eligible clients with crypto futures trading services. The National Futures Association (NFA) has granted the business permission to operate as a futures commission merchant (FCM) and provide access to crypto futures through its platforms. For verified consumers, Coinbase is the first crypto-native leader to directly provide traditional spot crypto trading with regulated and leveraged crypto futures. The global crypto derivatives market accounts for around 75% of global crypto trading activity and is a significant trader entry point. Coinbase purchased FairX, a CFTC-regulated futures exchange, last year and has built a huge liquidity pool, with $4.7 billion in BTC and $2 billion in ETH futures traded in notional volume this year. In the United States, the Securities and Exchange Commission sued the firm in June for allegedly functioning as an unregistered exchange, broker, and clearing agency.