Did Binance & Zhao violate CFTC regulations?

“The court finds Zhao and Binance violated the Commodity Exchange Act (CEA) and CFTC regulations, imposes a $150 million civil monetary penalty personally against Zhao, and requires Binance to disgorge $1.35 billion of ill-gotten transaction fees and pay a $1.35 billion penalty to the CFTC,” wrote the CFTC in a statement.

Did Binance violate CEA & CFTC regulations?

Washington, D.C. — The Commodity Futures Trading Commission today announced it has filed a civil enforcement action in the U.S. District Court for the Northern District of Illinois charging Changpeng Zhao and three entities that operate the Binance platform with numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations.

What does the CFTC Order mean for Binance?

The CFTC order recognizes and credits certain payments made by Binance pursuant to the consent to assessment of a civil monetary penalty entered by FinCEN. The four actions announced today, in aggregate, require Binance to pay over $4.3 billion in criminal forfeiture, penalties, and fines.