Credit card processor Checkout.com cuts ties with Binance over AML concerns.
Binance is reportedly considering legal action, Forbes said in a report published August 18.
Binance recently announced it was shutting down its regulated buy-and-sell crypto arm Binance Connect.
Checkout.com, the UK-based payments processor that has been one of the biggest payments partners for Binance, has reportedly ended its relationship with the crypto exchange giant.
A report published by Forbes on August 18 indicated that the London-based firm informed Binance of the move this week, having sent letters to that effect on August 9 and 11. In the letters, Checkout.com cites the various regulatory actions against the crypto company and overall concerns over anti-money laundering (AML) compliance.
The termination, which took effect on August 17, was communicated to Binance by Checkout CEO Guillaume Pousaz, Forbes reported.
Binance is considering legal action following Checkout’s decision, the exchange said via a statement attributed to spokesperson Dewi Mustajab. The crypto giant says the withdrawal by Checkout.com will not impact its services.
Binance recently shut Binance Connect
The development comes shortly after Binance, as CoinJournal reported earlier this week, announced it was shutting down a Checkout-supported unit dubbed Binance Connect. The regulated buy-and-sell platform supported crypto payments for businesses.
Elsewhere, PaySafe, one of Europe’s leading payments providers, also ended its partnership with Binance in June.
Notably, Binance launched its fiat-to-crypto payments provider, Bifinity, in March 2022. The company was unveiled in partnership with both PaySafe and Checkout.com.