Binance, Changpeng 'CZ' Zhao to Pay $2.85B Fine in CFTC Settlement

Binance, Changpeng ‘CZ’ Zhao to Pay $2.85B Fine in CFTC Settlement

Crypto exchange Binance and its founder, Changpeng “CZ” Zhao, will pay nearly $3 billion in fines to the U.S. Commodity Futures Trading Commission to settle the regulator’s lawsuit against it. This builds on separate settlements with the U.S. Department of Justice and Treasury Department in parallel actions also announced Tuesday.

The CFTC sued Binance earlier this year, alleging that the exchange offered unregistered crypto derivatives products in the U.S. despite knowing that was against the law. The suit highlighted the “maze of corporate entities” Binance had, which an official said demonstrated the exchange’s “willful evasion of U.S. law.”

In a press conference Tuesday, CFTC Chair Rostin Behnam said

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