Crypto Payment Processor Checkout.com Terminates Relationship with Binance
Credit card payment processor Checkout.com has ended its partnership with Binance due to regulatory actions and inquiries from partners. Binance disagrees with Checkout.com’s reasons and is considering legal action. This termination follows Paysafe’s decision to also cease dealings with Binance.
Main Breakdowns:
- Checkout.com terminates relationship with Binance
- Binance disagrees and considers legal action
- Binance still faces legal woes and regulatory probes
- Checkout.com helped Binance process billions in transactions
- Payment provider departures affect revenue
Despite Checkout.com’s claims, Binance states that the termination will not impact their services. Binance is currently facing a lawsuit from the SEC and a probe from French authorities. The partnership between Binance and Checkout.com faced challenges in the past, including a crime syndicate exploiting the absence of the 3-D Secure system to execute trades.
The termination of the Checkout deal comes after Binance stopped its own Bifinity platform, which helped businesses accept crypto payments. Binance CEO Changpeng Zhao also confirmed that no employee has insider access to Binance’s futures trading desk, following a lawsuit from the CFTC.
Hot Take:
Binance’s termination of its partnership with Checkout.com and the challenges it faces from regulatory actions and legal probes highlight the growing pressure on the cryptocurrency exchange. These developments could have significant implications for Binance’s reputation and future operations.
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