Northern

<div class="cryptonews">
 <p class="is-style-lead">A U.S. court has ruled in the case of the largest crypto exchange, Binance.</p>
 <p>The U.S. District Court for Northern Illinois approved a previously announced <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a>. It concluded the enforcement action first taken by the CFTC in November.</p>
 <p>The document states that former crypto exchange CEO Changpeng Zhao and Binance will pay fines of $150 million and $2.7 billion, respectively, as part of a <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> with the Commodity Futures Trading Commission (CFTC).</p>
 <blockquote class="wp-block-quote">
  <p>“The court finds Zhao and Binance violated the Commodity Exchange Act (CEA) and CFTC regulations, imposes a $150 million civil monetary penalty personally against Zhao, and requires Binance to disgorge $1.35 billion of ill-gotten transaction fees and pay a $1.35 billion penalty to the CFTC.”</p> <cite>Court statement</cite>
 </blockquote>
 <p>The approved <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> agreement marks the <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> of the conflict between the regulator and the trading platform. The commission indicted Binance and Zhao&nbsp;in March 2023 for evading federal law and operating an illegal derivatives exchange.</p>
 <p>On Nov. 21, Zhao agreed to&nbsp;step down as a chief executive at Binance&nbsp;as part of a broader <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> with the U.S. Department of Justice, the Treasury Department, and the CFTC. That same day,&nbsp;Zhao pleaded guilty&nbsp;to several civil charges and one criminal charge related to anti-money laundering laws. He faces up to 18 months in prison on the money laundering charge and has agreed not to appeal any potential sentence of that length.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/us-court-approves-settlement-between-binance-and-cftc-tbt74121.html">https://thebittimes.com/us-court-approves-settlement-between-binance-and-cftc-tbt74121.html</a></p>

US Court approves settlement between Binance and CFTC

TheBitTimes

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