Checkout.com put an end to its partnership with Binance for regulatory reasons. L’exchangewhich closed its crypto payments this week, plans to continue the fintech British.
Friday, Forbes reported that payments giant Checkout.com had put end to its relationship, started in 2020, with Binance.
In a letter to the number 1 in crypto-trading earlier this month, Checkout CEO Guillaume Pousaz says the alliance was broken off due to ” reports of actions and orders by regulators in the relevant jurisdictions ” and ” partner surveys “.
In a second letter, Checkout mentions concerns about combating money laundering.
The contract between the two companies came to an end on August 17. Two days earlier, Binance announced the closure of its crypto payments service Connect – formerly named Bifinity – due to “evolving market and user needs”. The announcement did not, however, mention Checkout.
The crypto exchange believes that the decision unjustified and plans to sue fintech in court.
“We’ve come a long way in building an industry-leading compliance program, and we hope to strengthen trust with regulators and partners,” said a Binance spokesperson, clarifying that this had “no impact” on its services.
According to a source close to the matter, in recent months Checkout has handled between 300 and 400 million dollars in Binance transactions.
End of June, Paysafeanother payment solutions provider that works with Binance in Europe, has also declared that it is ending its collaboration with the exchange. This will come to an end on September 25.
Binance is now under close scrutiny from regulators. In addition to its legal troubles in the USA, the CZ-led firm was recently forced to leave several European markets, including Belgium and the Netherlands. It is also under investigation for money laundering in France.
Last year, Checkout raised $1 billion in Series D and officially launched into crypto with a service allowing merchants to convert payments into stablecoin USDC.
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