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Home»ADOPTION NEWS»Federal Judge Approves Settlement Between CFTC and Binance
ADOPTION NEWS

Federal Judge Approves Settlement Between CFTC and Binance

By Crypto FlexsDecember 19, 20233 Mins Read
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Federal Judge Approves Settlement Between CFTC and Binance
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A federal judge has approved a settlement between cryptocurrency exchange Binance and the Commodity Futures Trading Commission. It comes a month after the former CEO of a cryptocurrency exchange pleaded guilty to charges related to anti-money laundering violations.

Under the agreement, former CEO Changpeng Zhao must pay $150 million, one-third of which must be paid within the next 30 days, Judge Manish Shah of the U.S. Northern District Court said. This was done according to an order signed on December 14. Illinois. According to the order, Binance must pay a fine of $1.35 billion to the CFTC and return $1.35 billion in “unfair trading fees.”

The agency said that Binance followed the instructions of former CEO Zhao Changpeng. requested A statement released Monday said it was aware of U.S. regulations for U.S. customers but “chose to ignore them.”

The consent order also requires Binance and Zhao to ensure that the exchange establishes a corporate governance structure that includes a board of directors, compliance committee and audit committee comprised of independent members.

criminal case

Several federal agencies, including the CFTC, Treasury, and Justice Department, announced a record $4.3 billion in corporate settlements in late November. Zhao pleaded guilty to anti-money laundering and sanctions violations after a years-long investigation by federal regulators.

Zhao too cascade Last week, he stepped down as chairman of the Binance.US board, effectively removing his influence in Binance.US’ governance and making his interest in the exchange’s US arm “purely economic.”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Sarah is a reporter for The Block covering policy, regulation and legal events. Sarah was previously a reporter writing about securities regulation at CQ Legal, where she first began her reporting on cryptocurrencies. She Sarah has also written for The Bond Buyer and American Banker, among other financial publications. She graduated from the University of Missouri with a degree in Print and Digital Journalism. Sarah lives in Washington, DC and she is an avid coffee lover. You can follow her on Twitter @ForTheWynn.

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