{"id":8373,"date":"2023-12-19T07:09:50","date_gmt":"2023-12-19T07:09:50","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=8373"},"modified":"2024-03-30T06:54:28","modified_gmt":"2024-03-30T06:54:28","slug":"judge-approves-agreement-between-binance-and-cftc","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/judge-approves-agreement-between-binance-and-cftc\/","title":{"rendered":"Judge Approves Agreement Between Binance and CFTC!"},"content":{"rendered":"<p>A federal judge approved the agreement between <strong>Binance<\/strong> and the Commodity Futures Trading Commission one month after the former CEO of the crypto exchange accepted allegations of <a href=\"https:\/\/coinengineer.net\/blog\/crypto-exchange-binance-listed-fusionist-altcoin\/\"><strong>money laundering<\/strong><\/a> prevention violations.<\/p>\n<p>According to the agreement, former CEO <strong>Changpeng Zhao<\/strong> will have to pay <strong>$150 million<\/strong> according to the order signed by Judge Manish Shah in the Northern District Court of the United States on 14th December, and one-third of this amount will be paid within the next 30 days. Binance will also have to pay a fine of <strong>$1.35 billion<\/strong> to CFTC, it will also have to reimburse \u201cunfair transaction fees\u201d of $1.35 billion.<\/p>\n<p>The agency said that Binance&#8217;s former CEO <strong>Changpeng Zhao<\/strong> had requested customer demand in the US on his instruction and that he was aware of the regulations in this area.<\/p>\n<p>However, the <strong>US<\/strong> chose to ignore them in a statement published on Monday.<\/p>\n<p>Furthermore, the approval order requires Binance and Zhao to assure the implementation of a corporate governance structure that includes a board of directors consisting of independent members, a compliance committee, and an audit committee.<\/p>\n<h2>Penalty Case<\/h2>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/cftc-chairman-says-defi-needs-to-be-regulated\/\"><strong>CFTC<\/strong><\/a> announced a staggering corporate agreement of <strong>$4.3 billion<\/strong> in late November, including several federal institutions such as the Treasury Department and the Department of Justice. Zhao admitted guilt to violations of money laundering and sanctions violations after years of investigations by federal regulators.<\/p>\n<p><strong>Zhao<\/strong> also stepped down as the chairman of the Binance.US board of directors in the past weeks and effectively abolished his influence over <strong>Binance.US<\/strong>.<\/p>\n<p>&nbsp;<\/p>\n<p><em>In the comment section, you can freely share your comments and\u00a0 opinions about the topic. Additionally, don\u2019 t forget to follow us on\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram<\/strong>, <\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A federal judge approved the agreement between Binance and the Commodity Futures Trading Commission one month after the former CEO of the crypto exchange accepted allegations of money laundering prevention violations. According to the agreement, former CEO Changpeng Zhao will have to pay $150 million according to the order signed by Judge Manish Shah in<\/p>\n","protected":false},"author":1,"featured_media":8372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,11,2],"tags":[22,1809,3046,3045],"class_list":["post-8373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-exchange-news","category-news","tag-binance","tag-changpeng-zhao","tag-commodity-futures-trading-commission","tag-judge-approves-agreement-between-binance-and-cftc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Judge Approves Agreement Between Binance and CFTC! - Coin Engineer<\/title>\n<meta name=\"description\" content=\"A federal judge approved the agreement between Binance and the Commodity Futures Trading Commission one month.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/judge-approves-agreement-between-binance-and-cftc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Judge Approves Agreement Between Binance and CFTC! 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