Binance’s $1.35 billion fine is the largest ever fine from the CFTC

Odaily News U.S. CFTC Chairman Rostin Behnam said at a press conference on Tuesday that Binance’s behavior “undermined the foundation of a safe and sound financial market” and the CFTC charged it a fine of US$1.35 billion. It is the largest fine ever imposed by the regulator. Rostin Behnam said that internal conversations between Binance CCO and others prove that Binance recognizes that its platform is used to facilitate criminal activities, including terrorist financing, but chooses to turn a blind eye in the name of profit. Binance and its leaders sought to deceive and indoctrinate their employees and customers, building a cult-like following premised on circumventing their own compliance controls in order to maximize company profits above all else. (CoinDesk) Previously, Binance and its CEO CZ pleaded guilty to criminal charges of anti-money laundering and violation of U.S. sanctions, including allowing transactions with terrorist groups such as Hamas, as part of an agreement with the U.S. Department of Justice. as part of a comprehensive agreement to keep the company operational. Binance agreed to plead guilty and pay a fine of more than $4 billion. CZ agreed to resign and pay a $50 million fine as part of the settlement, which he pleaded guilty to in a Seattle courtroom on Tuesday. The agreement includes the participation of the U.S. Treasury Department and the Commodity Futures Trading Commission and ends a years-long investigation into the cryptocurrency exchange. The negotiated settlement will resolve all allegations of criminal misconduct. According to Bloomberg, CZ could have faced up to 10 years in prison, but under the plea agreement, he is not expected to be sentenced to more than 18 months in prison. The U.S. Department of Justice has not decided how long they will seek to sentence him.