![]() Binance executives insisted on disabling 3D-Secure in service of boosting trading volumes and reducing barriers for customers to transfer funds, three people familiar with the decision told Forbes. Their partnership changed that while giving Binance a much-needed payments processor and massive transaction volume.īut when Binance launched ’s platform in the first half of 2020 it did so without implementing 3D-Secure, a security feature designed to mitigate risk of money laundering and fraud and ensure Checkout’s clients complied with the European Union's Payment Services Directive, regulatory standards intended to secure payment transactions and protect consumer data associated with them. In March 2020, Binance was struggling for crypto legitimacy in a market dominated by major financial institutions, and was trying to shed its reputation for processing payments to porn and gambling sites. The alliance was a boon for both companies. ![]() That kind of business spiked the payment company's revenue ahead of a mammoth $1 billion funding round last year, which valued it at $40 billion, and made founder and CEO Guillaume Pousaz one of Europe’s richest men. The crypto exchange was once Checkout’s largest customer, processing approximately $2 billion in Binance transactions during a single month in 2021, according to a person with direct knowledge. Checkout’s decision to terminate its contract with Binance is a stunning blow to the crypto exchange, especially given the role Binance played in making the London-based payments company one of Europe’s most valuable.
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