Binance Resolves Legal Battle with $2.7 Billion Settlement: US Court Approves Fine.

Binance has successfully concluded its legal dispute with the US Futures Trading Commission (CFTC) as a US court approved a settlement. According to the CFTC's announcement, Binance is obligated to pay a fine of $1.35 billion and eliminate an equal amount in illicit transaction fees. Additionally, the former CEO, Changpeng Zhao (CZ), faces a separate fine of $150 million, with one-third due within the next 30 days. Former Chief Compliance Officer Samuel Lim is also penalized $1.5 million for aiding Binance in violating US laws. Notably, this $2.7 billion fine is part of a $4.3 billion settlement reached last month. The court emphasized the directive from Changpeng Zhao, who attracted US customers despite regulations. Binance and Mr. Zhao are required to establish a corporate governance structure, including independent board members, a compliance committee, and an audit committee. The legal saga, initiated in March by the CFTC accusing Binance of derivatives trading violations, has finally reached a resolution after nearly nine months of protests and denials. The US government accepted the closure of the investigation, with Binance agreeing to a substantial fine. Mr. Zhao admitted violations, paid a separate $50 million fine, and resigned as CEO as part of the settlement with authorities.
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