TechFlow reports, according to Forbes, payment processor Checkout.com terminated its contract with Binance on August 17 over money laundering and compliance concerns. In a letter to Binance, Checkout's CEO expressed worries about the latter's anti-money laundering and compliance controls.
In response, Binance told Forbes it disagrees with Checkout's reasoning and is considering legal action.
The report states that Checkout has processed $300–400 million in Binance transaction volume over recent months. This marks another payment service provider to drop Binance, following European payments firm PaySafe.
Binance is currently facing a series of investigations in multiple countries. Industry insiders suggest Checkout’s move could further worsen Binance’s compliance situation.
