Is Binance Doomed? Another Sinking Blow for Crypto

In a move that has rocked the cryptocurrency industry, Checkout.com the credit card payment processor that has been servicing Binance has terminated its contract with Binance, the world's largest cryptocurrency exchange. This is why Binance recently announced the prompt shutdown of Binance Connect, their buy and sell service for card payments. The decision comes amid a series of scandals and investigations into Binance's business practices.

Checkout.com's CEO, Guillaume Pousaz, sent a letter to Binance CEO Changpeng Zhao on August 9, citing "reports of regulators actions and orders in relevant jurisdictions" and "inquiries from partners." The letter also expressed concerns about Binance's anti-money laundering, sanctions, and compliance controls.

In a second letter sent on August 11, Pousaz said that Checkout.com was terminating its contract with Binance effective immediately. He also said that Checkout.com was "sorry that we are unable to continue offering our services," but that the company wished Binance "the best of luck with your business moving forward."

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This video does not contain any financial advice, nor should any of the content be construed as financial advice. Crypto Clay is not a licensed financial advisor. The cryptocurrency market is a volatile place. Please proceed with caution and do your own research before making any type of investment!

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Is Binance Doomed? Another Sinking Blow for Crypto

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