Checkout’s Revenue Plummets 16% After Terminating Contract with Binance Amid Regulatory Scrutiny

According to a recent report by Forbes, the payment processing firm Checkout, once heralded as Europe’s most valuable startup with a staggering valuation of $40 billion, is grappling with significant challenges. After severing ties with Binance due to serious money laundering allegations, the company’s UK subsidiary reported a substantial 16% decline in revenue, dropping to $2.12 billion. This downturn stems primarily from the cancellation of a major merchant contract, as detailed in the filings submitted to the UK Companies House. Although Checkout did not disclose the identity of the impacted entity, it previously indicated concerns regarding Binance amidst increasing regulatory scrutiny. Rory O’Neill, Chief Marketing Officer at Checkout, emphasized that the firm is pivoting its focus towards e-commerce and fintech clients, distancing itself from the controversial cryptocurrency sector.