Binance Faces $2.7 Billion Fine & CEO Changpeng Zhao A $150 Million Penalty

Binance Faces $2.7 Billion Fine & CEO Changpeng Zhao A $150 Million Penalty
Binance CEO Zhao

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In a landmark decision, the U.S. District Court for the Northern District of Illinois has made a significant ruling against global cryptocurrency exchange Binance and its former CEO, Changpeng Zhao. This follows a comprehensive case presented by the U.S. Commodity Futures Trading Commission (CFTC).

The court has ordered Zhao to pay a hefty sum of $150 million, while Binance faces a dual financial repercussion: a disgorgement of $1.35 billion in illegitimate transaction fees and an equal penalty amount, totaling an unprecedented $2.7 billion.

In another intriguing update, Revolut has filed accounts for its Revolut Trading and Revolut Travel subsidiaries. This move prompts speculation about the potential disclosure of full group holding accounts in the near future.

To be continued...




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🇺🇸 A U.S. court entered an order against Binance and its former CEO: Changpeng Zhao will pay $150 million and Binance will pay $2.7 billion to the CFTC as a result, according to a statement from the agency. Read complete article

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