The judge in the US approved the settlement reached between Binance and the Commodity Futures Trading Commission (CFTC).
According to the decision made by the US District Court, former CEO of Binance Changpeng Zhao, as agreed in the settlement $150 million will pay. One third of this within 30 days needs to be paid.
Binance to CFTC $1.35 billion will pay a penalty and ill-gotten $1.35 billion in transaction fees will give it back.
In the statement made by the CFTC yesterday, “Zhao and Binance were aware of the legal requirements in the US but chose to ignore them and deliberately concealed the presence of US customers on the platform.” It was said.
According to the decision made by Judge Manish S. Shah, Binance’s former director of legal compliance, Samuel Lim, was accused of helping Binance violate the law. $1.5 million He will pay a fine.
Binance reached a $4.3 billion settlement with the CFTC, Department of Justice and Treasury Department in the USA for violating money laundering and sanctions laws in the USA.