admin 
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 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 $1.35 billion to CFTC, it will also have to reimburse “unfair transaction fees” of $1.35 billion.
The agency said that Binance’s former CEO Changpeng Zhao had requested customer demand in the US on his instruction and that he was aware of the regulations in this area.
However, the US chose to ignore them in a statement published on Monday.
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.
Penalty Case
CFTC announced a staggering corporate agreement of $4.3 billion 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.
Zhao also stepped down as the chairman of the Binance.US board of directors in the past weeks and effectively abolished his influence over Binance.US.
In the comment section, you can freely share your comments and opinions about the topic. Additionally, don’ t forget to follow us on Telegram, YouTube, and Twitter for the latest news and updates.