Legal Dispute between Checkout.com and Binance
A potential legal dispute has emerged between Checkout.com and Binance. Checkout.com’s CEO, Guillaume Pousaz, terminated the business relationship with Binance, citing concerns about regulatory actions, Anti-Money Laundering, sanctions, and compliance controls. Binance, however, disagrees with the termination and is considering legal action.
Key Points:
- Checkout.com ended its relationship with Binance due to regulatory concerns.
- Binance disagrees with the termination and is exploring legal options.
- Binance shut down Binance Connect, a regulated crypto buy-and-sell operation, following the termination.
- Checkout.com used to be Binance’s largest customer, handling $2 billion in transactions per month.
- Binance has been facing difficulties in finding banking partners globally.
Binance Faces Ongoing Troubles
In addition to the legal dispute with Checkout.com, Binance has been sued by the U.S. Securities and Exchange Commission for alleged securities law violations. The exchange is accused of offering unregistered securities in the United States. Binance’s business and legal troubles continue to mount, with regulatory actions and banking difficulties affecting its operations worldwide.
Hot Take:
Binance’s ongoing legal and business troubles highlight the challenges faced by crypto exchanges in navigating regulatory environments and establishing solid banking partnerships. The termination of its relationship with Checkout.com and the subsequent closure of Binance Connect further complicate the exchange’s operations. Binance will need to address these issues swiftly to regain stability and restore confidence among its users and partners.
By
By
By
By
By