Payment Processor Checkout Drops Binance Over Money Laundering, Compliance Concerns

Checkout.com, the London-based credit card processing company that ballooned its business model by servicing billions in crypto transactions for Binance clients, cut short its contract with the crypto giant this week, Forbes reported Friday. From the report: In a pair of letters sent to Binance on August 9 and 11, Checkout CEO Guillaume Pousaz terminated the company's relationship with its once-largest customer citing "reports of regulators actions and orders in relevant jurisdictions" and "inquiries from partners." The second letter, seen by Forbes and sent two days after the first, cited additional concerns over Binance's anti-money laundering, sanctions and compliance controls, and said the termination would be effective August 17. Checkout spokesperson Lewis Jones confirmed to Forbes the company had ended its contract with Binance. In response, Binance told Forbes it disagreed with Checkout's basis for terminating the contract, and said it was considering legal action. "We have come a long way to building an industry-leading compliance program and we hope to build more trust with regulators and partners," spokesperson Dewi Mustajab said in a statement. He added that Checkout's withdrawal would have "no impact on our services."

Read more of this story at Slashdot.