Binance is Considering Legal Action Following the Termination of Its Agreement With

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Last Updated on August 19, 2023 by Bitfinsider

Binance is “considering our options for legal action” after cut relations with the company on Thursday.

“As of August 16, 2023, will no longer serve as a payment service provider for Binance.” “Our services are unaffected, and users can continue to use on- and off-ramps as usual,” a Binance official informed Blockworks via email.

“We disagree with Checkout’s purported reason for termination and are considering legal action.”

Binance, on the other hand, stated that it will continue “to collaborate with regulators and partners around the world to ensure clarity and the best services and protections for our users.”

The US Securities and Exchange Commission has filed a complaint against Binance, alleging that the exchange, along with its US branch, Binance.US, and CEO Changpeng Zhao, functioned as an unregistered exchange and issued unregistered securities.

Back in June, the company was purportedly subjected to a French investigation, while Binance told Blockworks that it was only a “on-site visit…by the relevant authorities.”

The cryptocurrency exchange has also pulled its application with Germany’s BaFin, citing the regulatory environment as well as the global market.

It also pulled out of the Netherlands and Cyprus.

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