{"id":26819,"date":"2023-12-19T02:34:38","date_gmt":"2023-12-19T02:34:38","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/us-court-approves-settlement-against-binance-firm-to-pay-2-7b-to-cftc\/"},"modified":"2023-12-19T02:34:40","modified_gmt":"2023-12-19T02:34:40","slug":"us-court-approves-settlement-against-binance-firm-to-pay-2-7b-to-cftc","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/us-court-approves-settlement-against-binance-firm-to-pay-2-7b-to-cftc\/","title":{"rendered":"US court approves settlement against Binance, firm to pay $2.7B to CFTC"},"content":{"rendered":"
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A United States court has entered an order against crypto exchange Binance and its former CEO, Changpeng \u201cCZ\u201d Zhao, that will see Binance pay $2.7 billion and CZ pay $150 million to the Commodity Futures Trading Commission (CFTC).<\/p>\n
In a Dec. 18 statement, the CFTC announced that the U.S. District Court for the Northern District of Illinois had approved the previously announced settlement and concluded the enforcement action first issued by the CFTC in November.\u00a0<\/p>\n
\u201cThe court finds Zhao and Binance violated the Commodity Exchange Act (CEA) and CFTC regulations, imposes a $150 million civil monetary penalty personally against Zhao, and requires Binance to disgorge $1.35 billion of ill-gotten transaction fees and pay a $1.35 billion penalty to the CFTC,\u201d wrote the CFTC in a statement.\u00a0<\/p>\n
\nFederal Court Enters Order Against Binance and Former CEO, Zhao, Concluding CFTC Enforcement Action: https:\/\/t.co\/YJD1lglbsZ<\/p>\n