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US court approves order for Binance to pay $2.7 billion to CFTC

Economic Times

Economic Times · 1y ago

US court approves order for Binance to pay $2.7 billion to CFTC

A US court has approved a settlement that requires cryptocurrency exchange Binance and its former CEO, Changpeng Zhao, to pay a total of $2.85 billion in fines to the US Commodity Futures Trading Commission (CFTC). Zhao will pay $150 million personally, while Binance will have to disgorge $1.35 billion of ill-gotten transaction fees and pay an additional $1.35 billion penalty to the CFTC. The settlement resolves a case brought by the CFTC that accused Binance of money laundering and violating US anti-money laundering and sanctions laws.

Related News

Crypto exchange FTX ordered to pay $12.7 billion to customers, US CFTC says

Economic Times

Economic Times · 1y ago

Crypto exchange FTX ordered to pay $12.7 billion to customers, US CFTC says

U.S. cryptocurrency exchange FTX has been ordered by a court to pay $12.7 billion in relief to customers, following its collapse in late 2022. The Commodity Futures Trading Commission (CFTC) stated that FTX had misled customers about its safety and misappropriated their deposits. As part of a settlement with the CFTC, FTX will repay customers in a bankruptcy liquidation. The repayment order includes $8.7 billion for restitution and $4 billion for disgorgement. FTX founder Sam Bankman-Fried, who was sentenced to 25 years in prison for stealing $8 billion, has appealed the conviction. Votes on FTX's bankruptcy proposal are due on August 16.

US judge approves Binance's $4.3-billion guilty plea

Economic Times

Economic Times · 1y ago

US judge approves Binance's $4.3-billion guilty plea

A US judge has accepted the $4.3 billion penalty and guilty plea from Binance, the world's largest cryptocurrency exchange, for violating federal anti-money laundering and sanctions laws. The plea includes a $1.81 billion criminal fine and $2.51 billion of forfeiture. Binance had failed to report over 100,000 suspicious transactions, supported the sale of child sexual abuse materials, and received significant ransomware proceeds. Binance has accepted responsibility and made progress in upgrading its protocols. Binance founder Changpeng Zhao has also pleaded guilty and is free on a $175 million bond, with conditions set for his sentencing in April.

US judge signs off on Binance, former chief Changpeng Zhao's plea deals with DOJ

Economic Times

Economic Times · 1y ago

US judge signs off on Binance, former chief Changpeng Zhao's plea deals with DOJ

US District Judge Richard Jones in Seattle has approved plea deals between Binance Holdings, its former chief Changpeng Zhao, and US prosecutors. Binance agreed to pay over $4.3 billion and pleaded guilty to violating US anti-money laundering and sanctions laws, while Zhao also pleaded guilty and is awaiting sentencing in February.

US authorities set to unveil settlement with Binance

Economic Times

Economic Times · 1y ago

US authorities set to unveil settlement with Binance

US authorities are expected to announce details of a settlement with Binance Holdings, the world's largest cryptocurrency exchange, following a long-running investigation. The settlement involves charges against individuals and allegations of violating finance and money-laundering laws. Binance CEO Changpeng Zhao is reportedly set to step down and plead guilty to violating US anti-money laundering requirements. The settlement will also include a large penalty, though the exact amount has not been disclosed. The US agencies involved include the Justice Department, the Commodity Futures Trading Commission (CFTC), and the Treasury Department's Financial Crimes Enforcement Network.

Binance's former chief has to stay in the US until February sentencing

Livemint

Livemint · 1y ago

Binance's former chief has to stay in the US until February sentencing

Former Binance chief Changpeng Zhao has been ordered by a U.S. District Judge to remain in the continental United States until his sentencing in February for violating U.S. anti-money laundering laws. Zhao and Binance Holdings recently pleaded guilty to breaking U.S. anti-money laundering and sanctions laws, with Binance agreeing to pay over $4.3 billion. Zhao, who faces a maximum prison sentence of 18 months, had requested to return to the UAE, where he has been living, but the court ruled that he must stay in the U.S. due to flight risk concerns.

Binance copped a $4 billion plea but is still fighting the SEC

Livemint

Livemint · 1y ago

Binance copped a $4 billion plea but is still fighting the SEC

The article discusses how cryptocurrency exchange Binance reached a $4.3 billion legal resolution with the US Justice Department and the Treasury Department, but the Securities and Exchange Commission (SEC) was not involved in the settlement talks. The SEC has its own legal case against Binance and has been a strict regulator in the crypto world. Settling with the SEC could have required Binance to close most of its US trading business. Binance chose to fight the SEC in court because winning the case would collapse the SEC's claims. The guilty plea and CEO's resignation allow Binance to continue operating, albeit with regulatory oversight.

How a UK couple won 15-year legal battle against Google

Livemint

Livemint · 9m ago

How a UK couple won 15-year legal battle against Google

Google has been ordered to pay a penalty of €2.4 billion ($2.7 billion) by the European Court of Justice (ECJ) for abusing its market dominance in favor of its shopping services. The court upheld the European Commission's 2017 ruling that found Google guilty of antitrust violations. UK entrepreneurs Shivaun and Adam Raff, founders of price comparison website Foundem, had filed complaints after their website suffered from biased search algorithms. This ruling sets an important precedent for regulating the practices of major tech companies.

Binance begins again with U.S. oversight. Will it survive?

Livemint

Livemint · 1y ago

Binance begins again with U.S. oversight. Will it survive?

The largest global cryptocurrency exchange, Binance, is facing significant challenges after its CEO was convicted of ignoring anti-money-laundering rules in the US. As part of a plea agreement, the firm agreed to pay over $4 billion in fines, be monitored by the government, and prevent US customers from using the platform. The new CEO, Richard Teng, a former regulator, believes the firm is in good shape, but users may be concerned about intrusive oversight and handing over their data to US authorities. Binance must also improve its money-laundering controls and convince regulators outside the US that it can continue operating.

US prosecutors want Binance's Changpeng Zhao to remain in US until sentencing

Economic Times

Economic Times · 1y ago

US prosecutors want Binance's Changpeng Zhao to remain in US until sentencing

US prosecutors are seeking a court order to require Changpeng Zhao, the founder of Binance Holdings, to stay in the US before his sentencing on February 23, 2024. Zhao recently pleaded guilty to violating US money laundering laws. The Department of Justice wants to prevent him from returning to the United Arab Emirates until after his sentencing. Zhao is currently expected to stay in the Seattle area until Monday evening, after which he may be allowed to return to his UAE residency.

Binance might be peak for US crypto enforcement cases, says CFTC official

Economic Times

Economic Times · 1y ago

Binance might be peak for US crypto enforcement cases, says CFTC official

A senior U.S. regulator believes that enforcement actions against crypto firms may have reached a peak following the $4.3 billion settlement with Binance. The settlement, which was for U.S. anti-money laundering and sanctions law violations, could serve as a "template" for governing similar cases. The regulator encouraged crypto firms to study the settlement to understand the type of governance regulators expect. The CFTC also emphasized the need for better disclosures and mentioned the growing trend of regional crypto hubs as regulations become clearer.

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