• Checkout.com has severed ties with Binance, the world’s largest cryptocurrency exchange.
• The termination was revealed in a report from Forbes and later confirmed by TechCrunch.
• Checkout.com cited concerns stemming from reports of regulators actions and orders in relevant jurisdictions, inquiries from partners, as well as issues with anti-money laundering, sanctions, and compliance controls.
Binance Loses Corporate Partner
London-based credit card payment processor Checkout.com has terminated their relationship with Binance, the world’s largest cryptocurrency exchange. The news was reported by Forbes and later confirmed by TechCrunch.
Reasons for Termination
Checkout.com stated that they had to sever ties due to various reports of regulatory action and orders in relevant jurisdictions, inquiries from partners regarding anti-money laundering (AML), sanctions, and compliance control issues at Binance.
Valuation of Checkout.com
Checkout.com is currently valued at $40 billion as of January 2022 according to Forbes’ report on the matter.
Timeline of Events
The company sent two letters earlier this month notifying Binance of their decision to discontinue their partnership with them going forward for these reasons mentioned above.
Given the recent string of setbacks that Binance has faced over 2023 including licensure failures and regulatory crackdowns this latest incident only adds further fuel to the fire for the embattled giant exchange platform .