- Credit card processor Checkout.com cut ties with Binance due to AML issues.
- Forbes reported in a report published on August 18 that Binance is reportedly considering legal action.
- Binance recently announced the closure of Binance Connect, its regulated buying and selling cryptocurrency division.
UK-based payment processor Checkout.com, which was one of Binance’s largest payment partners, has reportedly ended its relationship with the giant cryptocurrency exchange.
report published Forbes reported on August 18 that the London-based company informed Binance of the move this week after sending letters on August 9 and 11. In the letter, Checkout.com cites various regulatory actions against cryptocurrency companies and overall. Concerns about anti-money laundering (AML) compliance.
Forbes reported that Checkout CEO Guillaume Pousaz notified Binance of the shutdown, which took effect on August 17.
Binance is considering legal action following Checkout’s decision, spokesperson Dewi Mustajab said in a statement. The cryptocurrency giant said Checkout.com’s withdrawal will not affect its services.
Binance recently shut down Binance Connect.
The development comes right after Binance, like CoinJournal. reported Earlier this week, it announced that it was shutting down its Checkout support device called Binance Connect. The regulated buying and selling platform enabled cryptocurrency payments for businesses.
Elsewhere, PaySafe, one of Europe’s leading payment providers, also ended its partnership with Binance in June.
Notably, Binance launched Bifinity, a fiat-to-crypto payment provider, in March 2022. The company went public through partnerships with PaySafe and Checkout.com.