Crypto Giant Binance and CEO Settle CFTC Suit for Nearly $3B
Cryptocurrency exchange Binance and its founder, Changpeng “CZ” Zhao, have agreed to pay almost $3 billion in fines to settle a lawsuit filed by the Commodity Futures Trading Commission (CFTC). This settlement comes as the company also resolves separate legal actions with the U.S. Department of Justice and Treasury Department, all of which were announced on Tuesday.
According to the CFTC, Binance and Zhao were accused of engaging in illicit activities such as offering and selling cryptocurrency derivatives to U.S. customers without proper registration and violating other regulations. The magnitude of the fines reflects the seriousness of the allegations and the regulatory scrutiny faced by the company, which has been a major player in the cryptocurrency space.
The settlement marks a significant development in the ongoing legal challenges faced by Binance and its leadership. It also underscores the increasing enforcement efforts of U.S. regulators in the cryptocurrency industry, as they seek to address concerns related to investor protection and market integrity.
Sources:
– CFTC settlement statement
– U.S. Department of Justice announcement
– U.S. Treasury Department press release
❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
View J-S Tremblay website
