Binance faces a $2.7 billion fine.

According to the CFTC's statement, the court determined that CZ and Binance violated the U.S. Commodity Exchange Act (CEA) and CFTC regulations. CZ was fined $150 million, while Binance had to return $1.35 billion in illegal transactions and pay a $1.35 billion fine to the CFTC.

CZ has resigned as CEO of Binance.

According to CoinTelegraph , this agreement marks the end of the litigation targeting Binance and the former CEO of the CFTC. On March 27, the CFTC accused Binance, Binance.US, and CZ of operating an unauthorized exchange, selling unregistered securities, violating commodity laws, and mishandling customer funds.

On November 22, CZ announced his departure from Binance and pleaded guilty to violating anti-money laundering laws. He agreed to pay a $4.3 billion fine as part of a settlement with the US Department of Justice (DOJ), CFTC, and the US Treasury Department so that the cryptocurrency exchange could continue operating.

On December 7th, the court ordered CZ to remain in the US until sentencing in February 2024, as he faces an 18-month prison sentence for money laundering.

As part of the agreement, both CZ and Binance agreed to implement additional measures to ensure the Know Your Customer (KYC) identity verification process is maintained on the exchange. Additionally, Binance must implement a corporate governance structure, including a board of directors, a legal committee, and an audit committee.

The court also issued a separate order to Samuel Lim, Binance's former Chief Legal Officer, to pay a $1.5 million fine for aiding and abetting Binance's violations and engaging in activities outside the U.S. to evade the law.

Richard Teng, former Global Regional Market Director at Binance, has become the company's new CEO. In an interview with Cointelegraph on December 5th, Teng stated that the company has undergone a complete transformation and is committed to complying with regulatory requirements.

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