The U.S. CFTC fined Binance’s former chief compliance officer $1.5 million, holding compliance executives personally accountable for the first time

U.S. Commodity Futures Trading Commission (CFTC) Commissioner Caroline Pham said that in addition to the fine against Binance and CZ, Binance’s former chief compliance officer Samuel Lim will also pay a $1.5 million fine if a federal judge approves the proposed settlement. It is also prohibited from acting as an unregistered futures broker or operating any illegal cryptocurrency derivatives platform. Caroline Pham said this is the first time the CFTC has held compliance executives personally accountable. According to a press release issued by the CFTC, the four enforcement actions taken against Binance by the CFTC, DOJ, FinCEN, and OFAC require Binance to pay a total of more than $4.3 billion in criminal forfeitures and fines. Among them, the CFTC required Binance to hand over US$1.35 billion in illegal gains and pay a civil penalty of US$1.35 billion to the CFTC. In addition, it also required CZ to pay a civil penalty of US$150 million to the CFTC. The fine is the largest ever imposed by the regulator. (CoinDesk)