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Home ยป Checkout.com severs relationship with Binance, who is considering legal retaliation.

Checkout.com severs relationship with Binance, who is considering legal retaliation.

Checkout.com Ends Association with Binance Amidst Regulatory Concerns and Internal Changes at the Crypto Exchange

by coinbrit
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Checkout.com, a prominent credit card payment processor based in London, has ceased its services for Binance, the world’s leading cryptocurrency exchange, as conveyed by a Binance representative to TechCrunch.

Despite this, the spokesperson from Binance emphasized that their services remain unaffected. Users can still access the on-and-off ramps without any disruptions.

As of January 2022, Checkout.com’s valuation stood at $40 billion. Their decision to end the association with Binance earlier this month was communicated through two separate letters, as per Forbes’ report. TechCrunch attempted to get a comment from Checkout.com but received no response before their news release.

These letters, dispatched two days apart, mentioned concerns arising from “regulatory actions and orders in pertinent jurisdictions” and queries from partners. Furthermore, the Forbes article pointed out Checkout.com’s apprehensions regarding Binance’s handling of anti-money laundering measures, sanctions, and compliance controls.

Refuting these claims, Binance’s representative stated their disagreement with Checkout.com’s reasons for termination. They are also contemplating potential legal actions. Binance expressed its ongoing commitment to work in tandem with global regulators and partners to ensure clarity and top-notch services for its user base.

In related news, the end of this partnership followed the U.S. Securities and Exchange Commission’s move to file 13 charges against Binance and its CEO, Changpeng Zhao. The allegations encompassed deceitful claims to regulators and violations of securities regulations.

Additionally, Binance revealed this week its decision to shut down Bifinity, its cryptocurrency payment service launched in March 2022, which closed on Wednesday.

In a parallel development, Binance also discontinued its Binance Connect service on Tuesday. As per a tweet by Biswap, a decentralized exchange on the BNB Smart Chain, this move aligns with Binance’s strategy to concentrate on its primary operations. Originally, Binance Connect was conceived as the primary fiat-to-crypto bridge between Binance and other blockchain platforms, offering support for various cryptocurrencies and mainstream payment methods like Visa and Mastercard.

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