Binance and Changpeng 'CZ' Zhao Settle Landmark Case After U.S. Court Approval
The CFTC achieved a major legal triumph when the U.S. District Court granted approval for the settlement with Binance and its CEO.
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The CFTC achieved a major legal triumph when the U.S. District Court granted approval for the settlement with Binance and its CEO.
Binance faces $34 billion in fines from FinCEN and $9.68 billion from OFAC for not reporting over 100,000 suspicious transactions involving terrorism, ransomware, child exploitation, and other illegal activities. Future penalties and strict regulations may impact Binance for the next five years.
The speculation triggered a slump of over 3% in BNB price and around 1% for BTC price.
The CFTC alleged Binance offered unregistered crypto derivatives products and directed U.S. customers to evade compliance controls through the use of VPNs.
SBF believes that CZ must be happy with how it turned out for FTX.
Changpeng Zhao says disgraced former FTX CEO Sam Bankman-Fried is a “master manipulator” who “perpetuated a narrative” against him.
He initiated a $1 billion industry recovery fund to help crypto companies.
Zhao wants his crypto exchange to become a bridge between traditional finance and crypto, according to a Bloomberg report.