Binance Settles with CFTC for $1.5 Billion in Fines and Restitution!

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Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

The U.S. Court has approved a settlement between the CFTC and Binance, with Binance paying $2.7bn and its former CEO, CZ, paying $150m. The court found that Binance and CZ violated federal law by operating an unregistered derivatives exchange. As part of the settlement, Binance must implement a formalized corporate governance structure and maintain KYC measures. Binance’s former CCO, Samuel Lim, has also been ordered to pay a $1.5m penalty for aiding and abetting Binance’s violations. CZ stepped down as CEO in November as part of a wider settlement with U.S. Regulatory agencies.

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