- The U.S. Court ordered Binance to pay $2.7 billion in penalty to the CFTC as part of the settlement of the lawsuit.
- The court order mandated Changpeng Zhao to pay $150 million as a fine for money laundering.
- The move came following Zhao’s guilty plea in the $4.3 billion settlement in November.
Recent reports revealed the U.S. court’s move against Binance and its former CEO Changpeng Zhao, in the CFTC lawsuit. The court ordered the company to pay a fine of $2.7 billion and Zhao individually a $150 million to the Commodity Futures Trading Commission (CFTC). This was following a case filed by the CFTC for money laundering.
According to an official announcement by the CFTC, the U.S. District Court for the Northern District of Illinois has approved the CFTC-Binance settlement, asking Binance to “disgorge $1.35 billion of ill-gotten transaction fees” and submit $1.35 as a fine to the commission. The CFTC, further elaborating on the court’s move, cited,
[The court] has approved the previously announced settlement and entered a consent order of permanent injunction, civil monetary penalty, and equitable relief against Changpeng Zhao and his companies Bi…The post Binance to Pay $2.7B in Fine to CFTC; CZ Will Pay $150M appeared first on Coin Edition.