Big Settlement! US Court Approves Settlement Agreement Between CFTC and Binance and Its CEO
Source: BeInCrypto
Compile:Blockchainknight
The U.S. Federal District Court approved the CFTC (U.S. Commodity Futures Trading Commission) andBinance(Binance)The court formally signed a consent order against the Crypto exchangeand its CEO Changpeng Zhao (CZ) have imposed a series of fines and bans.
According to a recent statement, the court declared that Zhao Changpeng andBinanceAlleged violations of the Commodity Exchange Act and CFTC regulations resulted in Zhao Changpeng being personally fined $150 million in civil penalties.
Binance被要求退还 13.5 亿美元的非法交易费用，并向 CFTC 支付 13.5 亿美元的额外罚款。
The court asked Zhao Changpeng and Binance to provide evidence to prove the effectiveness of the improved compliance controls.The court also stated that a permanent injunction must be entered to prevent further violations..
The decision follows the CFTC's initial announcement of the settlement on November 21.
The CFTC claims that Binance, at the direction of Changpeng Zhao, allegedly solicited U.S. clients, including quantitative trading firms, in violation of its own terms of use.
According to reports, theexchangeAllowing prime brokers to open unregulated “sub-accounts” is a big challenge for U.S. clients.Xiaobai NavigationDirect transactions are facilitated without proper Know Your Customer (KYC) procedures.
The CFTC further claimed that Zhao Changpeng and Binance were aware of U.S. regulatory requirements but “chose to ignore them.”.
The CTFC also accused them of actively concealing the presence of U.S. clients on the platform. In addition, senior executives, including Zhao Changpeng, were accused of facilitating violations of U.S. law by instructing clients to circumvent compliance controls.
The article comes from the Internet:Big Settlement! US Court Approves Settlement Agreement Between CFTC and Binance and Its CEO
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