TechFlow news: Judge Manish Shah of the U.S. District Court for the Northern District of Illinois approved the settlement agreement between cryptocurrency exchange Binance and the Commodity Futures Trading Commission (CFTC).
Under the settlement, Zhao Changpeng must pay $150 million, with one-third due within 30 days. Binance will pay a $1.35 billion penalty to the CFTC and return $1.35 billion in "illicit trading fees." The agreement also requires Binance and Zhao Changpeng to ensure the establishment of corporate governance structures at the exchange, including an independent board of directors, compliance committee, and audit committee.
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