Binance ordered to pay $2.7B settlement to CFTC by US court

Binance and its former CEO, Changpeng Zhao, have been ordered by a US court to pay a total of $2.85 billion to the Commodity Futures Trading Commission (CFTC) as part of a settlement. Binance will pay $2.7 billion, while Zhao will pay $150 million. The court found that both Binance and Zhao violated the Commodity Exchange Act and CFTC regulations. This settlement concludes a long-running case against Binance and Zhao, who had been accused of evading federal law and operating an illegal derivatives exchange. As part of the settlement, Binance and Zhao have agreed to implement stricter compliance measures and a formalized corporate governance structure.