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The post <a href="https://coinpedia.org/news/sec-stands-firm-binance-battle-rages-on-despite-dojs-4-3-billion-settlement/">SEC Stands Firm: Binance Battle Rages On Despite DOJ’s $4.3 Billion Settlement</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Binance, the world’s largest cryptocurrency exchange, has come under intense scrutiny from multiple U.S. regulatory bodies, culminating in a record-breaking $4.3 billion settlement with the U.S. government. This development comes amid ongoing legal challenges from the Securities and Exchange Commission (SEC), which remains unchanged in its case against the crypto giant despite Binance’s recent settlements with the Department of Justice (DOJ) and other agencies. 
The SEC argues that Binance’s admissions in its <a href="https://coinpedia.org/crypto-live-news/binance-fined-4-3-billion-for-evading-sanctions/">November 21 settlement</a> with the DOJ should be considered in the federal court in Washington, where the SEC’s lawsuit against Binance and its former CEO, Changpeng Zhao, is being heard. This lawsuit, filed in June, accuses Binance of mishandling customer funds, misleading investors and regulators, and violating securities rules. 
<h2 class="wp-block-heading" id="h-the-multibillion-dollar-settlements-explained">The Multibillion-Dollar Settlements Explained</h2> 
Binance’s agreement to pay<a href="https://coinpedia.org/news/why-did-binance-exchange-pay-a-4-3-billion-penalty/"> $4.3 billion in fines</a> is part of one of the largest corporate settlements in history. It includes $1.35 billion in civil penalties and an equal amount in disgorgement to the Commodity Futures Trading Commission (CFTC) to resolve a lawsuit from March, which alleged that Binance operated an unlicensed crypto derivatives trading platform in the U.S. and attempted to hide it from regulators. Additionally, Changpeng Zhao, the founder of Binance, stepped down and paid a $150 million fine as part of the settlement. 
CFTC Commissioner Kristen Johnson of the CFTC clarified that the action against Binance was due to its <a href="https://coinpedia.org/news/markets-withstand-4b-binance-penalty-as-analysts-predict-resiliency/">failure to comply with regulations</a>, rather than allegations of fraud or similar misconduct. She emphasized the CFTC’s consistent emphasis on compliance and noted that the heightened penalties reflect the agency’s methodology for deciding civil penalties. 
Johnson’s comments highlight a growing concern in the crypto industry about the clarity of regulatory actions. She stressed the importance of compliance for market participants, stating, 
<blockquote class="wp-block-quote"> 
 “We are excited for market participants to operate in our market, but it’s critical that if you’re operating in our markets, you are complying with regulation.” 
</blockquote> 
This series of settlements and ongoing legal challenges mark a pivotal moment in the cryptocurrency industry, highlighting the increasing focus of U.S. regulators on compliance and governance within the rapidly evolving digital asset space. As the case unfolds, the industry awaits further developments and their implications for the future of cryptocurrency regulation.

SEC Stands Firm: Binance Battle Rages On Despite DOJ’s $4.3 Billion Settlement

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