U.S. Judge Approved the Settlement Deal Between Binance and CFTC

On Dec.18, the U.S. Commodity Futures Trading Commission (CFTC) announced that the District Court for the Northern District of Illinois had approved the previously announced settlement with Binance and CZ Zhao and concluded the enforcement action.

The settlement includes Binance paying $2.7 billion and CZ paying $150 million to CFTC with a third of that paid within the next 30 days.

The consent order also requires Binance and CZ to guarantee that the exchange will put in place a corporate governance structure that includes a board of directors with independent members, a compliance committee and an audit committee.