US court approves order for Binance to pay $2.7 billion to CFTC

FILE PHOTO: Zhao Changpeng, founder and chief executive officer of Binance, attends the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 16, 2022. REUTERS/Benoit Tessier/File Photo

WASHINGTON (Reuters) -A U.S. court entered an order against crypto exchange Binance and its former CEO, Changpeng Zhao, approving billions of dollars in fines for money laundering following a case brought by the U.S. Commodity Futures Trading Commission, the agency said on Monday.

Zhao will pay $150 million and Binance will pay $2.7 billion to the CFTC as a result, the agency said in a statement.