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Binance and Former CEO Fined $2.85 Billion by U.S. Court Over CFTC Violations

Algoine News
Summary:
A U.S. court has ruled that crypto exchange Binance and its former CEO Changpeng "CZ" Zhao pay $2.7 billion and $150 million respectively to the CFTC. The ruling concluded a regulatory action launched in November, stating Zhao and Binance violated the Commodity Exchange Act and CFTC regulations, adding Zhao's personal penalty and demanding Binance return $1.35 billion in ill-gotten fees and pay another $1.35 billion as a fine to the CFTC.
A U.S. court has issued a ruling against cryptocurrency trading platform Binance and its previous Chief Executive Officer, Changpeng "CZ" Zhao, mandating that Binance pay a sum of $2.7 billion, while CZ is to fork out $150 million to the Commodities Futures and Trading Commission (CFTC). On December 18, the CFTC communicated that the U.S. District Court for the Northern District of Illinois had finalized the earlier disclosed agreement and wrapped up the regulatory action initiated by the CFTC in November. The court's ratification of the original agreement, dated November 21, declares that both Zhao and Binance breached the Commodity Exchange Act (CEA) and rules set by CFTC, imposes a personal civil monetary penalty of $150 million on Zhao, and necessitates Binance to return $1.35 billion from unlawful transaction fees and pay another $1.35 billion as a penalty to the CFTC, according to a press release from the CFTC. More updates will be provided on this unfolding story as they come to light.

Published At

12/19/2023 1:19:35 AM

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