The London-based card payment processor ended its partnership with crypto exchange Binance.
Binance is a top-tier crypto exchange, thanks to its highly secured and responsive crypto services. In the crypto sector, the majority of crypto traders opt for Binance’s crypto services as the services of this exchange continue to be more understandable. Binance also offers lite crypto services, which allows newbies to trade crypto assets without going through complicated features.
On August 18, 2023, Forbes reported that Checkoutcom, a London-based card processing company, terminated its commercial contract with Binance a few days ago.
Reportedly, the Checkoutdom team noted that they cannot track all anti-money laundering (AML) measures during the interconnected services with the Binance exchange.
In recent months, Checkoutdom has helped process nearly $300-400 million in funds for Binance clients. In response to Checkoutdom’s decision, the Binance team planned to take legal action against Checkoutdom’s company for breach of contract without any valid reason.
It is worth noting that the Binance team helps the enforcement agencies around the world to catch the bad actors associated with crypto crimes multiple times as Binance has better crypto transaction tracking tools to detect illegal transactions.
Probably Checkoutdom is some kind of taking action without any in-depth study and analysis of the potential of the Binance exchange.
Binance Exchange always tries to remain transparent towards its customers. Just a day ago, Binance CEO Changpeng Zhao (CZ) informed followers that he and all Binance employees are strictly prohibited from trading crypto assets on the futures market.
Also in the past, Binance’s CEO confirmed that no Binance employee is allowed to sell their crypto asset within 90 days of purchase period, and also a dedicated team traces the employee’s crypto-related activities.
Also Read: Ethereum Co-Founder Hits Cardano Critic Criticism