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Zhao will pay $150 million and Binance will pay $2.7 billion to
the CFTC as a result, the agency said in a statement.
The U.S. District Court for the Northern District of Illinois
approved the previously announced settlement and entered a
consent order of permanent injunction, civil monetary penalty,
and equitable relief against Zhao and Binance, the CFTC said in
its statement. The settlement was reached in late November.
The court imposed a $150 million civil monetary penalty
personally against Zhao, and required Binance to disgorge $1.35
billion of ill-gotten transaction fees and pay a $1.35 billion
penalty to the CFTC, according to the agency.
In November, Zhao stepped down and pleaded guilty to breaking
U.S. anti-money laundering laws as part of a settlement
resolving a years-long probe into the world's largest crypto
exchange.
At the time, Binance said the resolutions acknowledged the
company's responsibility "for historical, criminal compliance
violations, and allow our company to turn the page."
Binance broke U.S. anti-money laundering and sanctions laws and
failed to report more than 100,000 suspicious transactions with
organizations the U.S. described as terrorist groups,
authorities have said.
The exchange also failed to report transactions with websites
devoted to selling child sexual abuse material and was one of
the largest recipients of ransomware proceeds, they added.
(Reporting by Kanishka Singh in Washington; Editing by Jonathan
Oatis and Stephen Coates)
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