On 17 August, Checkout.com’s digital payments platform halted its cooperation with the cryptocurrency exchange Binance. The news was reported by Forbes.
Chief executive Guillaume Pousaz cited “regulatory actions and directives in the relevant jurisdictions” and “requests from partners.” He also voiced additional concerns over anti-money-laundering controls and sanctions.
The exchange said it did not agree with the former partner’s grounds for termination and is considering pursuing a lawsuit. A Binance spokesperson added that the situation would not affect Binance’s services.
16 August, the company shut down the fiat-to-crypto exchange platform Binance Connect (Bifinity). According to Forbes sources, in recent months Checkout.com processed Binance transactions totaling $300-400 million. In 2021, the cryptocurrency exchange was the platform’s largest client, with around $2 billion per month, the publication’s source added.
Earlier, Paysafe Payment Solutions announced that it would stop servicing Binance from 25 September. Bifinity was launched in March 2022 in partnership with Checkout.com, Paysafe and other partners.
In March 2023, CFTC filed a civil suit against Binance. The agency contends the exchange traded derivatives without proper registration.
In June, the SEC filed charges against Binance and its chief Changpeng Zhao, with the regulator bringing a total of 13 counts.