Key Takeaways

Binance and CZ Zhao to pay a combined $2.85 billion in penalties to resolve CFTC enforcement action;
CZ Zhao may serve up to 18 months in prison for money laundering charges, waiving his right to appeal within that timeframe;
Binance’s former chief compliance officer, Samuel Lim, faces a $1.5 million civil monetary penalty for aiding and abetting violations and attempting to evade US law.

Key Takeaways

Binance and CZ Zhao to pay a combined $2.85 billion in penalties to resolve CFTC enforcement action;
CZ Zhao may serve up to 18 months in prison for money laundering charges, waiving his right to appeal within that timeframe;
Binance’s former chief compliance officer, Samuel Lim, faces a $1.5 million civil monetary penalty for aiding and abetting violations and attempting to evade US law.