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Amid the legal proceedings Binance and its former CEO faced, a US court has issued an order imposing significant fines on the <a href="https://bitcoinist.com/philippines-crypto-platform-bullish-on-growth/" target="_blank" rel="noopener ">cryptocurrency exchange </a>and Changpeng Zhao (CZ) for charges related to alleged money laundering operations.&nbsp; 
The case was initiated by the US Commodity Futures Trading Commission (CFTC), and the court recently reaffirmed the imposition of these fines. 
<h2 id="binance-hit-with-multi-billion-dollar-penalties">Binance Hit With Multi-Billion Dollar Penalties</h2> 
According to a <a href="https://www.reuters.com/resizer/S8ZOzBL1crGRnyETC11NWx9EN30=/960x0/filters:quality(80)/cloudfront-us-east-2.images.arcpublishing.com/reuters/EPMLDWD5UZMHXDUKA2BD76AWJ4.jpg" target="_blank" rel="noopener nofollow">report </a>by Reuters, <a href="https://bitcoinist.com/warning-binance-collapse-and-10-year-sentence-looms/" target="_blank" rel="noopener ">Changpeng Zhao</a> will personally pay a fine of $150 million, while Binance, the world’s largest crypto exchange, will pay $2.7 billion to the CFTC. 
The settlement reached in late November has now been approved by the US District Court for the Northern District of Illinois through a consent order of permanent injunction, civil monetary penalty, and equitable relief. 
Under the <a href="https://bitcoinist.com/doj-to-acquire-extensive-oversight-over-binance/" target="_blank" rel="noopener ">settlement</a> terms, Zhao will pay a $150 million civil monetary penalty, and Binance must disgorge $1.35 billion in ill-gotten transaction fees and pay a $1.35 billion penalty to the CFTC.&nbsp; 
According to the report, the fines are a response to allegations that Binance broke US anti-money laundering (AML) and sanctions laws and failed to report suspicious transactions. 
<h2 id="exchange-accused-of-enabling-terrorist-transactions">Exchange Accused Of Enabling Terrorist Transactions</h2> 
The CFTC has <a href="https://bitcoinist.com/binance-just-the-start-cftcs-dire-message/" target="_blank" rel="noopener ">accused </a>Binance of facilitating over 100,000 suspicious transactions with entities categorized as terrorist groups by the United States. Furthermore, authorities have stated that Binance neglected to report transactions involving websites known for selling child sexual abuse material. The exchange was also identified as one of the largest recipients of ransomware proceeds. 
In November, Changpeng Zhao <a href="https://bitcoinist.com/binance-ceo-to-step-down-4-billion-settlement/" target="_blank" rel="noopener ">stepped down as CEO and pleaded guilty</a> to violating US anti-money laundering laws as part of the settlement that concluded a lengthy investigation into Binance’s operations. In response to the resolutions, the exchange acknowledged its historical compliance violations and expressed its commitment to moving forward. 
Overall, the recent court order imposing significant fines on Binance and its former CEO, Changpeng Zhao, underscores regulators’ ongoing efforts to impose anti-money laundering regulations on the cryptocurrency sector. 
Under the leadership of current CEO <a href="https://bitcoinist.com/binance-ceo-affirms-no-changes-to-top-executives/" target="_blank" rel="noopener ">Richard Teng</a>, the exchange is expected to fully comply with the court’s orders and any subsequent fines imposed by regulators. The company seems committed to fostering a culture of compliance and aims to rebuild trust and a renewed relationship with US regulators once this legal ordeal is over. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/cJk070Mk/" alt="Binance" width="1815" height="858"> 
At the time of writing, Binance Coin (BNB) is trading at $250.1, demonstrating a significant 5.6% increase in value over the past 24 hours.&nbsp; 
Featured image from Shutterstock, chart from TradingView.com&nbsp;

Binance And CZ Grapple With Massive $2.7 Billion Fines In CFTC Court Verdict

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