Million

Billion

<div class="insidebitcoins">
 <p>A US court approved a settlement deal between Binance and the Commodities Futures Trading Commission (CFTC) that involves a payment of $2.7 billion by the exchange and a $150 million fine for co-founder Changpeng Zhao (CZ).</p>
 <p>The regulator said in a Dec. 18 press release&nbsp;that Binance and CZ ”chose to ignore” US laws and <span class="s2" data-v-03de5780="">solicited</span> customers in the country at Zhao’s direction.</p>
 <p>The world’s biggest crypto exchange was fined $1.35 billion and also ordered to “disgorge another $1.35 billion of ill-gotten transaction fees.”</p>
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
  <p lang="en" dir="ltr">🔸US court approves order for Binance to pay $2.7 bln to CFTC</p>
  <p>Zhao will pay $150 million and Binance will pay $2.7 billion to the CFTC as a result, the agency said in a statement.</p>
  <p>In November, Zhao stepped down and pleaded guilty to breaking U.S. anti-money laundering laws as…</p>
  <p>— *Walter Bloomberg (@DeItaone) December 19, 2023</p>
 </blockquote>
 <p></p>
 <h2 id="binance-cco-also-in-the-mix">Binance CCO Also In The Mix</h2>
 <p>The court also ordered that the exchange’s former Chief Compliance Officer (CFO), Samuel Lim, pay $1.5 million as a civil monetary penalty for “aiding and abetting Binance’s violations and engaging in activities outside the US to evade or attempt to evade US law willfully.”</p>
 <p>The court order demanded that the exchange and CZ commit to the exchange establishing a corporate governance structure to include a board of directors with independent members, alongside compliance and audit committees.</p>
 <h2 id="doj-settlement">DoJ Settlement</h2>
 <p><span style="font-weight: 400">Last month, the crypto exchange agreed a $4.3 billion settlement with the Department of Justice to settle criminal charges of money laundering and sanctions violations levelled against it. Zhao was fined $50 million and agreed to step down as CEO for three years.</span></p>
 <h3 id="strong-also-read-strong"><strong>Also Read:</strong></h3>
 <ul>
  <li>Binance Wants SEC Lawsuit Dismissed, Argues Regulator Fails To Meet Legal Requirement</li>
  <li>Best Crypto to Buy Now – Top 10+ List</li>
  <li>Binance Co-Founder Changpeng Zhao Ordered To Stay In US Until February Sentencing</li>
 </ul>
 <p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-to-pay-2-7-billion-in-settlement-deal-with-cftc-cz-fined-150-million-tbt74211.html">https://thebittimes.com/binance-to-pay-2-7-billion-in-settlement-deal-with-cftc-cz-fined-150-million-tbt74211.html</a></p>
</div>

Binance To Pay $2.7 Billion In Settlement Deal With CFTC, CZ Fined $150 Million

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