Binance settles with CFTC for $1.5 billion in fines and damages!

author: Mustafa Mullah

Mustafa has been writing about blockchain and cryptocurrencies for several years. He has previous trading experience and has been working in the fintech industry since 2017.

December 19, 2023 10:05

A US court approved the settlement between the CFTC and Binance, with Binance paying $2.7 billion and former CEO CZ paying $150 million. The court ruled that Binance and CZ violated federal law by operating unregistered derivatives exchanges. As part of the agreement, Binance must implement formalized corporate governance and maintain KYC measures. Binance’s former CCO Samuel Lim was also ordered to pay a $1.5 million fine for aiding and abetting Binance’s violations. CZ stepped down as CEO in November as part of a broader settlement with U.S. regulators.