The Crypto Roundup: 19 December 2023 | CryptoCompare.com

A U.S. court has ordered cryptocurrency exchange Binance and its former CEO, Changpeng “CZ” Zhao, to pay substantial fines to the Commodity Futures Trading Commission (CFTC).

The leading cryptocurrency exchange is required to pay $2.7 billion, while CZ faces a personal penalty of $150 million in a decision that comes after the U.S. District Court for the Northern District of Illinois approved a previously announced settlement agreement.

The court found that both Zhao and Binance “violated the Commodity Exchange Act (CEA) and CFTC regulations” and imposed the $150 million civil monetary penalty against the exchange’s former CEO while requiring Binance to disgorge $1.35 billion of “ill-gotten transaction fees” and pay a $1.35 billion penalty.

The settlement concludes a lengthy legal battle, which began with the CFTC suing CZ and Binance on March 27 for evading U.S. regulations and operating an unauthorized derivatives exchange.

The court also ordered Binance’s former chief compliance officer, Samuel Lim, to pay a $1.5 million fine for his role in “aiding and abetting Binance’s violations and engaging in activities outside of the U. S. to willfully evade or attempt to evade U.S. law.”

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/dec/19/