U.S. judge approves settlement agreement between Binance and the U.S. CFTC

ChainCatcher news, according to The Block, U.S. District Court Judge Manish Shah signed an order on December 14, requiring Zhao Changpeng to pay $150 million as part of a settlement agreement, with one-third to be paid within the next 30 days. According to the order, Binance must pay a $1.35 billion fine to the Commodity Futures Trading Commission (CFTC) and forfeit $1.35 billion in "improper trading fees."

The CFTC stated that under Zhao Changpeng's guidance, Binance solicited customers in the U.S. while being aware of U.S. regulations but "chose to ignore them." The court-approved order also requires Binance and Zhao Changpeng to ensure that the exchange establishes a corporate governance structure, which includes a board of directors with independent members, a compliance committee, and an audit committee.