{"id":139224,"date":"2023-09-02T02:06:18","date_gmt":"2023-09-01T20:36:18","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=139224"},"modified":"2023-09-02T02:06:18","modified_gmt":"2023-09-01T20:36:18","slug":"binance-considers-legal-action-against-checkout-com-as-partnership-ends-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/binance-considers-legal-action-against-checkout-com-as-partnership-ends-crypto-news\/","title":{"rendered":"Binance considers legal action against Checkout\u200b.com as partnership ends – Crypto News"},"content":{"rendered":"
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Crypto exchange Binance is considering legal action against its former payment provider Checkout.com, a spokesperson for Binance told Cointelegraph on Aug. 18.<\/p>\n

The potential legal dispute arises from letters sent by Checkout.com to Binance on Aug. 9 and Aug. 11. According to a Forbes report, Guillaume Pousaz, CEO of Checkout.com, ended<\/a> the relationship with Binance, citing \u201creports of regulators actions and orders in relevant jurisdictions,\u201d along with concerns about Anti-Money Laundering, sanctions and compliance controls.<\/p>\n

\u201cWe do not agree with Checkout\u2019s purported basis for termination and are considering our options for legal action,\u201d said a Binance spokesperson in an email, clarifying that on-ramp and off-ramp services remain available at the exchange.<\/p>\n

However, the termination of the business relationship led the crypto exchange to shut down Binance Connect<\/a>, a regulated crypto buy-and-sell operation, on Aug. 16. Launched in March 2022, the platform served as a fiat-to-crypto payment provider, bridging crypto firms to the traditional finance system via support for over 50 cryptocurrencies and fiat transactions. According to Forbes, Checkout.com once had Binance as its largest customer, handling approximately $2 billion in transactions in a single month back in 2021. <\/p>\n

Binance has been experiencing a debanking of its operations over the past few months, resulting in several of its global branches struggling to find partners. In June, the exchange announced that its euro banking partner, Paysafe Payment Solutions,\u00a0would end support in Europe<\/a>. In Australia, its local branch was cut off from the banking system<\/a> in June without warning or prior consultation. In the United States, Binance.US reportedly\u00a0faced difficulties\u00a0finding banking partners<\/a>, and former partners Silvergate and Signature Bank were shut down amid the banking crisis earlier this year. <\/p>\n

The ongoing crisis has even prompted Binance CEO Changpeng Zhao\u00a0to consider buying a bank<\/a>, he revealed during an interview.<\/p>\n

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Today we charged Binance Holdings Ltd. (Binance); U.S.-based affiliate, BAM Trading Services Inc., which, together with Binance, operates https:\/\/t.co\/swcxioZKVP<\/a>; and their founder, Changpeng Zhao, with a variety of securities law violations.https:\/\/t.co\/H1wgGgR5ir<\/a> pic.twitter.com\/IWTb7Et86H<\/a><\/p>\n

\u2014 U.S. Securities and Exchange Commission (@SECGov) June 5, 2023<\/a><\/p><\/blockquote>\n

Binance\u2019s business and legal troubles appear to be far from over. On June 5, the global exchange and its CEO\u00a0were sued by the U.S. Securities and Exchange Commission<\/a> over allegations of violating securities laws and offering unregistered securities in the country. <\/p>\n

Magazine:<\/em><\/strong> Deposit risk: What do crypto exchanges really do with your money?<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Crypto exchange Binance is considering legal action against its former payment provider Checkout.com, a spokesperson for Binance told Cointelegraph on Aug. 18. The potential legal dispute arises from letters sent by Checkout.com to Binance on Aug. 9 and Aug. 11. According to a Forbes report, Guillaume Pousaz, CEO of Checkout.com, ended the relationship with Binance, […]<\/p>\n","protected":false},"author":2,"featured_media":139225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-139224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=139224"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139224\/revisions"}],"predecessor-version":[{"id":147801,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139224\/revisions\/147801"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/139225"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=139224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=139224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=139224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}