23 August 2023

Checkout.com terminates contract with Binance over regulatory concerns

Written By FinTech Alliance

Checkout.com terminates contract with Binance over regulatory concerns

London-based Checkout.com’s founder and CEO Guillaume Pousaz cut ties with the crypto exchange over “reports of regulators actions and orders in relevant jurisdictions” and “inquiries from partners”, as reported by Forbes.

In brief:

-Crypto exchange Binance is now considering legal action against Checkout.com

-He terminated the relationship over two letters sent earlier this month, the first of which specifically referenced additional regulatory and compliance concerns.

-These included Binance’s anti-money laundering, sanctions and compliance controls.

What does this mean?

The decision to end the partnership comes a few months after the US Securities and Exchange Commission filed 13 charges against Binance and its CEO Changpeng Zhao for allegedly operating a “web of deception”. It specifically claimed the crypto exchange artificially inflated trading volumes, diverted customer funds and misled investors. 

Read more here.

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