<table style="width: 100%; border-collapse:">
 <tbody>
  <tr>
   <td style="width: 100%; text-align: left;"><a href="https://en.coinotag.com/altcoin-exchange-1333421/" target="_blank" rel="noopener noreferrer nofollow"><strong><span style="color: #000000;">Before you reading, did you missed the PEPE?<span style="color: #e67e22;"> No worries, click here to 100x potential memes!</span></span></strong></a></td>
  </tr>
 </tbody>
</table>
<ul>
 <li>Binance cryptocurrency exchange and its founder Changpeng “CZ” Zhao have determined the total penalties to be paid to the regulatory authorities regarding the lawsuit filed by the Commodity Futures Trading Commission (CFTC), amounting to nearly $3 billion.</li>
 <li>CFTC had filed a lawsuit against Binance earlier this year, alleging that the exchange offered crypto derivatives in the US without being registered, knowingly violating the law.</li>
 <li>If a federal judge approves the proposed settlements, former Chief Compliance Officer Samuel Lim will also pay $1.5 million.</li>
</ul>
<p><strong>Binance Exchange and CZ agree to pay fines to CFTC for the allegations: Critical statements about Binance by CFTC Chairman Behnam!</strong></p>
<h2 id="strong-settlement-between-binance-exchange-and-cftc-strong"><strong>Settlement between Binance Exchange and CFTC</strong></h2>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-127029" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="binance" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>Binance cryptocurrency exchange and its founder Changpeng “CZ” Zhao have determined the total penalties to be paid to the Commodity Futures Trading Commission (CFTC) regarding the lawsuit filed earlier this year. This comes in addition to the separate agreements announced on Tuesday with the US Department of Justice and the Treasury Department.</p>
<p>CFTC had filed a lawsuit against Binance earlier this year, alleging that the exchange offered crypto derivatives in the US without being registered, knowingly violating the law. The lawsuit emphasized Binance’s “corporate labyrinth,” indicating that this situation demonstrated the exchange’s “intentional evasion of US law.”</p>
<p>In a press conference held on Tuesday, CFTC Chairman Rostin Behnam stated that the actions of the exchange had “undermined the foundation of safe and sound financial markets” and collected $1.35 billion in transaction fees.</p>
<p>Behnam said, “As can be understood from the internal conversations of Binance’s Chief Compliance Officer (CCO) and others, he noticed that the Binance platform was used to facilitate criminal activities, including terrorist financing. However, they chose to turn a blind eye to all of this, opting to maximize company profits above all else. Binance and its leaders tried to deceive and brainwash their employees and customers to maximize company profits by disabling their compliance controls, thus building a follower base on top of it.”</p>
<h2 id="strong-samuel-lim-could-also-face-penalties-strong"><strong>Samuel Lim Could Also Face Penalties</strong></h2>
<p>If a federal judge approves the proposed settlements, former Chief Compliance Officer Samuel Lim will also pay $1.5 million. Additionally, he will be barred from acting as an unregistered futures commission merchant or operating in the business of running illegal crypto derivative platforms, the regulator announced.</p>
<p>Behnam continued, “The resolution of this action against Binance and Zhao in just 8 months underscores the CFTC’s proven leadership in the area of civil enforcement of digital assets. The CFTC is determined to ensure that those registered comply with the law and regulations, a matter that directly affects the overall financial health and millions of American investors.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/binance-exchanges-cftc-penalty-revealed-here-are-the-details/">Binance Exchange’s CFTC Penalty Revealed: Here Are the Details!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
<table style="width: 100%; border-collapse:">
 <tbody>
  <tr>
   <td style="width: 100%; text-align: left;"><a href="https://en.coinotag.com/altcoin-exchange-1333421/" target="_blank" rel="noopener noreferrer nofollow"><strong><span style="color: #000000;">Did you missed the PEPE?<span style="color: #e67e22;"> No worries, click here to 100x potential memes!</span></span></strong></a></td>
  </tr>
 </tbody>
</table>

Binance Exchange’s CFTC Penalty Revealed: Here Are the Details!

Table of Contents

CO NEWS

Other articles published on Nov 21, 2023

Top Blockchains To Build Web3 More Efficiently

Friend.tech sees a decline in interest, but Base persists

El Salvador’s BTC team to jet for Argentina – Is Javier ready to go all-in on crypto?

Tether Partnership Gone Wrong? Britannia Bank Hit With Lawsuit Over $1B Deposit

BNB Rallies Following Reports of DOJ Seeking $4,000,000,000 Settlement With Binance: Report

WLD touches all-time high as OpenAI reconfirms Sam Altman's termination

Join our free newsletter for daily crypto updates!