Major crypto exchange Binance will pay $2.7 billion in disgorgement and penalty to the Commodity Futures Trading Commission (CFTC), thereby concluding the regulator’s enforcement action against the company.
Binance founder and former CEO Changpeng Zhao (CZ) will also pay $150 million to the regulatory watchdog.
CFTC’s Case Against Binance Comes to an End
In a press release on Dec. 18, 2023, the CFTC announced that the United States District Court for the Northern District of Illinois entered a previously proposed consent order against Binance and its former CEO.
While the company will disgorge $1.3 billion of ill-gotten transaction fees and another $1.3 billion civil monetary penalty to the regulator, Zhao will pay a personal civil monetary penalty of $150 million.
In March, the CFTC filed a lawsuit against Binance and Zhao, slamming various allegations against them, including soliciting US customers while deliberately ignoring the country’s regulatory requirements. The regulator
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