Last Updated on August 18, 2023 by Bitfinsider

Checkout.com, a UK-based credit card processing provider, is rumoured to have cut ties with Binance, which is a major setback for the cryptocurrency exchange. Forbes reported that the corporation has alerted the world’s largest cryptocurrency exchange of its intention to terminate the contract due to regulatory issues. Given that Checkout.com assisted millions of people in making cryptocurrency payments in the United Kingdom, this may represent a turning point in Binance’s numerous regulatory problems.

The cryptocurrency exchange reportedly received two letters from the credit card processing business on August 9 and August 11. The service was terminated due to problems with Binance’s anti-money laundering, sanctions, and compliance control, according to the company’s chief executive officer Guillaume Pousaz. The letters addressed regulatory concerns in a number of nations and noted that the contract will expire on August 17, 2023.

In response, it has been claimed that Binance is considering suing the business for the grounds for the contract termination. The platform would like to carefully navigate within the legal framework in different jurisdictions, according to the exchange’s CEO CZ, who recently stated this. According to data from previous months, the exchange had essentially lost, at least temporarily, transactions worth about $400 million in the context of the big strategy to broaden the scope of the cryptocurrency market to wider audiences.