Here's how BNB reacted to Binance's settlement with CFTC

Here’s how BNB reacted to Binance’s settlement with CFTC

19 December 2023

in BNB

Reading Time: 4 mins read

Journalist

Posted: December 19, 2023

According to a recent ruling, Binance is set to pay a total of $2.7 billion in fines.
CZ will also pay $150 million in fines.

There has been an update on the legal proceedings involving Binance and its former CEO Changpeng Zhao. A court has issued an order against the exchange, its former chief executive, and one other key official.

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The order outlined the imposed fines and specified certain operational changes to be implemented within the exchange.

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Binance and CZ get fine figures

On the 18th of December, the U.S. Commodity Futures Trading Commission (CFTC) announced that the U.S. District Court for the Northern District of Illinois had approved the previously disclosed settlement.

The court issued a consent order involving permanent injunction, civil monetary penalty, and equitable relief against Changpeng Zhao (CZ) and Binance.

The court imposed a $150 million civil monetary penalty on CZ as part of the settlement. Additionally, it mandated that Binance “disgorge” $1.35 billion in ill-gotten transaction fees and pay a $1.35 billion penalty to the CFTC.

This brought the total fines against the exchange to $2.7 billion. Samuel Lim, Binance’s former Chief Compliance Officer, must also pay a $1.5 million civil monetary penalty.

The order further directed the exchange and CZ to provide certification that the exchange will implement a corporate governance structure. This structure includes establishing a Board of Directors with independent members, a Compliance Committee, and an Audit Committee.

The CFTC initiated legal action against CZ and Binance on 27th March. The suit accused them of evading federal law and operating an illegal derivatives exchange.

On 21st November, as part of a broader settlement with the U.S. Department of Justice, the Treasury Department, and the CFTC, CZ agreed to step down as the CEO. On the same day, CZ pleaded guilty to several civil charges and one criminal charge.

Binance maintains top spot among exchanges

According to CoinMarketCap data, Binance continued to hold its position as the largest global exchange.

The chart shows that in the last 24 hours, Binance had a trading volume of over $15 billion. In comparison, the second-largest exchange, Coinbase, lagged significantly behind.

As of this writing, it had a 24-hour trading volume of around $2.3 billion. This showed the considerable gap between the two platforms.

BNB maintains a normal trend

The daily timeframe chart for Binance Coin (BNB) showed a relatively normal trend. This was especially following the setback experienced when news broke about CZ on 21st November.

How much are 1,10,100 BNBs worth today

By the close of trading on 18th December, BNB had exhibited a positive performance, recording a more than 1% increase in value. Also, it was trading at around $241.

As of this writing, it was trading at around $245, reflecting a further increase of about 1.7%. The trend analysis suggests that, for the time being, BNB has managed to detach itself from the ongoing legal proceedings.