London-based credit card company Checkout, which provides billions of dollars worth of cryptocurrency transactions for Binance customers, has terminated its contract with Binance, according to Forbes.
Checkout spokesperson Lewis Jones told Forbes that his contract with Binance has been terminated.
The notice sent to Binance stated that the termination will take effect on August 17.
As grounds for termination, the spokesperson cited UK regulators' actions against Binance and concerns about anti-money laundering, sanctions and compliance controls at Binance.
Replying to Forbes on this issue, Binance said that Checkout did not find the reason for terminating the contract correct and was considering taking legal action.
Binance spokesperson Dewi Mustajab said in a statement:
“As the leader of the cryptocurrency industry, we have come a long way in establishing a compliance program and we hope to build greater trust with regulators and partners.
Checkout's termination of the contract will have no effect on our services.”
As it will be remembered, last June, the UK officially canceled the registration of Binance Markets Limited (BML), a subsidiary of Binance, with the British Financial Authority.
In the announcement published on the FCA website, it was stated that after the deregistration, Binance was no longer authorized to provide any services in the UK.
*Not investment advice.
