In a significant development, the United States District Court for the Northern District of Illinois has approved a comprehensive settlement against digital asset exchange Binance and its co-founder and former CEO, Changpeng “CZ” Zhao.

Binance CFTC Complaint

The court ruling, arising from an enforcement action initiated by the Commodity Futures Trading Commission (CFTC) in November, requires Binance to pay a staggering $2.7 billion to settle the Binance CFTC complaint, while CZ personally shoulders a $150 million civil monetary penalty.

The CFTC officially announced the court’s approval of the settlement on December 18, outlining the terms in a detailed statement. The…

Read more on bitcoinnews