A $2.7 billion fine has been imposed by a U.S. court in an order against Binance and its former CEO, Changpeng Zhao, for money laundering. The U.S. Commodities Futures Trading Commission (CFTC) declared that Binance must forfeit $1.35 billion in improperly obtained transaction fees and pay an additional $1.35 billion in penalties to the CFTC, while Zhao will pay a $150 million civil monetary penalty.
A permanent injunction and equitable relief are included in the consent order issued by the court. Zhao resigned in November after entering a guilty plea to breaking American anti-money laundering regulations. Binance pledged to resolve these concerns and admitted to past infractions of compliance.
Binance faces accusations of violating anti-money laundering and sanctions laws, failing to report suspicious transactions linked to terrorist organizations, and engaging in transactions with websites that disseminate content about child sexual abuse. The exchange was also identified as a significant receiver of ransomware proceeds.