Binance contemplates legal action following breakup with Checkout.com
Binance is considering legal recourse after payment processor Checkout.com abruptly decided to cut ties with the crypto exchange. Checkout.com’s letters of termination, issued on Aug. 9 and Aug. 11, allude to regulatory concerns, money laundering allegations, and compliance inquiries. Binance, however, asserts a contrary stance, stating that it does not agree with Checkout’s “rationale for termination.” The firm, under the helm of CEO Changpeng Zhao, is reportedly pursuing potential legal remedies. Despite the partnership dissolution, Binance emphasizes that user services remain unaffected and on-ramp and off-ramp facilities are operational. You might also like: Binance Connect winds down, cites shift in market dynamics The severed partnership has marked the end of Binance Connect, a crypto buy-and-sell platform licensed for operation. Launched in March 2022, the platform facilitated transactions between the cryptocurrency and traditional financia...