A US court has ruled against cryptocurrency exchange Binance and its former CEO Changpeng Zhao, setting fines in a money laundering case.
According to the court’s order, Zhao will pay the CFTC $150 million and Binance $2.7 billion. The U.S. District Court for the Northern District of Illinois previously approved the settlement and ordered a permanent injunction, a civil monetary penalty, and equitable relief from Zhao and Binance, the CFTC reported. The department’s claims were settled at the end of November.
The court imposed a civil penalty of $150 million on Zhao, and also ordered Binance to reimburse $1.35 billion in illegal transaction fees and pay an additional $1.35 billion in fines. In November, Zhao resigned and pleaded guilty to violating the laws US anti-money laundering agreement as part of an agreement ending a years-long investigation into the world’s largest cryptocurrency exchange.
Binance management said it accepts responsibility for “historic criminal violations.”
The platform pleaded guilty to violating US anti-money laundering and sanctions laws and failing to report more than 100,000 suspicious transactions involving organizations designated as terrorist organizations in the US.
