Main topic: Checkout.com terminates its relationship with Binance, citing regulatory concerns and inquiries from partners.
Key points:
1. Checkout.com, a credit card payments processor, has stopped servicing Binance, the world's largest crypto exchange.
2. The termination was based on reports of regulatory actions, concerns over Binance's anti-money laundering and compliance controls, and inquiries from partners.
3. Binance disagrees with Checkout.com's basis for termination and is considering legal action.
Additional hint on Elon Musk: This passage does not mention Elon Musk.
Binance customers in Europe are facing difficulties with fiat withdrawals due to issues with SEPA transfers, as the exchange has temporarily suspended euro withdrawals and deposits via SEPA while it works to resolve the problem.
Binance, the world's largest cryptocurrency exchange, caused confusion by mistakenly announcing on social media that euro transactions were no longer available, but it was clarified that euro transactions will continue until September 25th with Binance's banking partner in the region. However, the exchange is currently facing legal troubles and difficulties in various countries, making it challenging to find alternatives.
Binance US is reportedly reconsidering its decision to discontinue fiat on- and off-ramp services and is working on integrating new US dollar on-ramp solutions, potentially partnering with payment provider MoonPay to allow users to buy and sell cryptocurrencies in dollars.
### Summary
Binance introduces Binance Pay in Brazil, facilitating the adoption of major cryptocurrencies like XRP, Shiba Inu, and Bitcoin; Ripple executives Brad Garlinghouse and Chris Larsen provide trial availability for 2024; Shiba Inu hits a new adoption milestone with an increase in SHIB holders.
Binance has lost business with Mastercard and Visa as traditional financial institutions become wary of working with the cryptocurrency exchange due to regulatory scrutiny and concerns over compliance within the crypto industry.
The US SEC has filed lawsuits against Binance and Coinbase, accusing them of various regulatory violations, leading to intense discussions about cryptocurrency classification as securities and causing a negative impact on the prices of many altcoins mentioned in the lawsuits.
Binance faces scrutiny over SEPA concerns, market manipulation allegations, and sanction violations, while regulators crack down on crypto-related crimes; meanwhile, scams and allegations of insider trading plague the crypto industry.
The US Justice Department may have indicted or intends to indict Binance, as suggested by a motion filed by the United States Securities and Exchange Commission (SEC) to file sealed documents in their civil case against Binance, strengthening the speculation of an ongoing criminal probe.
Binance regional markets head Richard Teng asserts that despite regulatory scrutiny, the exchange is financially secure and distinct from bankrupt FTX, dismisses comparisons.
Binance.US rejects claims made by the SEC, calling them unsubstantiated and maintaining that it has custody and control over its digital assets, in response to the SEC's request for depositions and further discovery.
Binance.US, the United States arm of the crypto exchange, has cut around a third of its staff and its CEO has departed amid legal action from US regulators.
Binance US is facing significant staff layoffs and resignations, including the CEO, risk officer, and head of legal, amidst increasing regulatory pressure from the SEC.
Binance.US faces continued legal struggles with the SEC, with accusations of noncooperation and low trading volume, while India works on crypto regulation and EU lawmakers vote in favor of a cryptocurrency tax reporting rule. Additionally, U.S. Representative Tom Emmer and co-sponsors reintroduce the CBDC Anti-Surveillance State Act to protect financial privacy.
Binance's U.S. entity, BAM Trading, is resisting the SEC's requests for documents pertaining to its business practices, calling them "overbroad" and an inconvenience, further escalating the legal battle between the two parties.
A U.S. judge has declined to order Binance.US to make its executives more available for depositions or for the SEC to back down in its demands for more documents, instead urging the two parties to work together on discovery requests.
Binance CEO denies that Binance.US used custody software from its international counterpart in contradiction to previous statements made by the U.S. exchange, leading to confusion over the relationship between the two entities.
Binance and its CEO Changpeng Zhao have filed a motion seeking the dismissal of the SEC lawsuit, claiming that the regulator overstepped its authority and failed to provide clear guidelines for the crypto sector.
Binance, the world's largest cryptocurrency exchange, is facing major staffing struggles and regulatory issues, with some calling for CEO Changpeng Zhao to step down. The company has experienced turbulence in the past, but its current challenges may indicate a dire situation.
Binance.US users can no longer withdraw dollars directly from the platform, instead they must convert funds to stablecoin or other digital assets to be withdrawn, as the exchange updates its terms of use amidst regulatory scrutiny from the SEC.
