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Breaking News: Polymarket Set To Go Live In The US Following CFTC Approval, Says CEO
Binance

Binance And CZ Grapple With Massive $2.7 Billion Fines In CFTC Court Verdict

Ronaldo Marquez
by Ronaldo Marquez
4 months ago
·
Posted in Binance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Amid the legal proceedings Binance and its former CEO faced, a US court has issued an order imposing significant fines on the cryptocurrency exchange and Changpeng Zhao (CZ) for charges related to alleged money laundering operations. 

The case was initiated by the US Commodity Futures Trading Commission (CFTC), and the court recently reaffirmed the imposition of these fines.

Binance Hit With Multi-Billion Dollar Penalties

According to a report by Reuters, Changpeng Zhao will personally pay a fine of $150 million, while Binance, the world’s largest crypto exchange, will pay $2.7 billion to the CFTC.

The settlement reached in late November has now been approved by the US District Court for the Northern District of Illinois through a consent order of permanent injunction, civil monetary penalty, and equitable relief. Interestingly, Illinois, the same state where the Binance case was reviewed, has also been at the forefront of regulating new industries, including the rapid expansion of Illinois sports betting, showcasing its evolving approach to emerging sectors.

Related Reading: Solana Wins Institutional Investors’ Trust Over Bitcoin And Ethereum, Here’s How

Under the settlement terms, Zhao will pay a $150 million civil monetary penalty, and Binance must disgorge $1.35 billion in ill-gotten transaction fees and pay a $1.35 billion penalty to the CFTC. 

According to the report, the fines are a response to allegations that Binance broke US anti-money laundering (AML) and sanctions laws and failed to report suspicious transactions.

Exchange Accused Of Enabling Terrorist Transactions

The CFTC has accused Binance of facilitating over 100,000 suspicious transactions with entities categorized as terrorist groups by the United States. Furthermore, authorities have stated that Binance neglected to report transactions involving websites known for selling child sexual abuse material. The exchange was also identified as one of the largest recipients of ransomware proceeds.

In November, Changpeng Zhao stepped down as CEO and pleaded guilty to violating US anti-money laundering laws as part of the settlement that concluded a lengthy investigation into Binance’s operations. In response to the resolutions, the exchange acknowledged its historical compliance violations and expressed its commitment to moving forward.

Related Reading: Buckle Up: Solana Saga Phone Prices Hit $5,000 Mark Amid BONK’s Rally

Overall, the recent court order imposing significant fines on Binance and its former CEO, Changpeng Zhao, underscores regulators’ ongoing efforts to impose anti-money laundering regulations on the cryptocurrency sector.

Under the leadership of current CEO Richard Teng, the exchange is expected to fully comply with the court’s orders and any subsequent fines imposed by regulators. The company seems committed to fostering a culture of compliance and aims to rebuild trust and a renewed relationship with US regulators once this legal ordeal is over.

Binance
The 1-day chart shows BNB’s uptrend over the past 24 hours. Source: BNBUSDT on TradingView.com

At the time of writing, Binance Coin (BNB) is trading at $250.1, demonstrating a significant 5.6% increase in value over the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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