Posted 12/19/2023, 6:21:49 PM
Binance to Pay $2.7B in Fines, Zhao $150M Penalty to Settle CFTC Allegations of Hidden US Trading and Lax Compliance
- Binance to pay $2.7 billion in fines and disgorgement to the CFTC to settle money laundering allegations
- Former CEO Zhao to personally pay $150 million penalty
- Zhao directed Binance to skirt US regulations and hide unauthorized US trading
- Settlement requires Binance to remove non-compliant accounts and improve compliance
- Over $1 billion in assets withdrawn from Binance after Zhao's resignation, but majority of assets remained