Former Binance CEO Changpeng “CZ” Zhao has been ordered to pay $150 million, while Binance will pay $2.7 billion to conclude the CFTC enforcement action.
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Zhao and Binance were found guilty of violating the Commodity Exchange Act (CEA) and CFTC regulations.
Zhao has imposed a $150 million civil monetary penalty personally against Zhao, and Binance is also required to spew $1.35 billion of ill-gotten transaction fees and pay a $1.35 billion penalty to the CFTC,” wrote the CFTC in a statement.
The approved settlement marks the conclusion of a long-running case against CZ and Binance by the CFTC.