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Binance dumped by payments processor Checkout.com.
Regulatory actions and concerns about money laundering were among the reasons for the contract termination, which was effective as of yesterday.
Binance was once Checkout.com’s largest client — with more than $2 billion in transactions in one month in 2021. Here’s an interesting tidbit about the relationship:
Shortly after the launch, Visa alerted Checkout.com to a flood of fraudulent transactions on Binance — approximately $10 million, according to two people familiar with the incident. (Checkout said this figure is “inflated and inaccurate.”) Binance’s refusal to deploy Checkout’s 3D-secure measures had left the platform vulnerable to credit card fraud, and a European organized crime syndicate had taken full advantage.
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