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US court approves order for Binance to pay $2.7 billion to CFTC

Economic Times · 1y

A US court has approved a settlement that requires cryptocurrency exchange Binance and its former CEO, Changpeng Zhao, to pay a total of $2.85 billion in fines to the US Commodity Futures Trading Commission (CFTC). Zhao will pay $150 million personally, while Binance will have to disgorge $1.35 billion of ill-gotten transaction fees and pay an additional $1.35 billion penalty to the CFTC. The settlement resolves a case brought by the CFTC that accused Binance of money laundering and violating US anti-money laundering and sanctions laws.