Binance fined $2.7 billion for concealing transactions from feds

Binance, the world's largest cryptocurrency exchange, has been ordered to pay a $2.7 billion fine after hiding shady transactions from US regulators. The settlement includes disgorging $1.35 billion in ill-gotten transaction fees and paying a $1.35 billion penalty to the Commodity Futures Trading Commission (CFTC). Binance's founder and CEO, Changpeng Zhao, will personally pay a $150 million civil monetary penalty. The CFTC found that Binance and Zhao knowingly concealed the presence of US customers on the platform and violated US regulatory requirements. As part of the settlement, Binance will implement new compliance measures and a corporate governance structure. Despite the legal challenges, Binance remains a significant player in the cryptocurrency market.