As the price continues its healthy and necessary correction simultaneously generating external actions that may be furthering the recent pullback in the price of Bitcoin and the major cryptocurrencies by market capitalization.
To wit, "A U.S. court has issued an order against cryptoexchange Binance and its former CEO Changpeng "CZ" Zhao, which will see Binance pay USD 2.7 billion and CZ pay USD 150 million to the Commodity Futures Trading Commission (CFTC)"
In the article socialized by Tom Mitchelhill for the Cointelegraph portal it has been stated that, "Former Binance CEO Changpeng "CZ" Zhao has been ordered to pay USD 150 million, while Binance will pay USD 2.7 billion to conclude the CFTC enforcement action"
It should be noted that "the CFTC announced that the U.S. District Court for the Northern District of Illinois had approved the previously announced settlement and finalized the enforcement action issued by the CFTC in November".
The CFTC representative stated that, ""In formalizing the settlement initially announced on November 21, the court finds that Zhao and Binance violated the Commodity Futures Trading Act (CEA) and CFTC regulations, imposes a civil money penalty of USD 150 million personally against Zhao and requires Binance to refund USD 1.35 billion in ill-gotten transaction fees and pay a fine of USD 1.35 billion to the CFTC."
I would like to know your appreciation on this controversial and not at all favorable action by the CFTC.
SOURCES CONSULTED
Cointelegraph. US court approves settlement against Binance, firm to pay $2.7B to CFTC. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointribune
