The post Why Did Binance Exchange Pay a $4.3 Billion Penalty? appeared first on Coinpedia Fintech News
Binance, the world’s largest cryptocurrency exchange, received a multi-billion dollar penalty from the US Commodity Futures Trading Commission (CFTC), and Commissioner Kristen Johnson shed light on the reasons behind the heightened penalty.
As reported by Coindesk, Johnson clarified during a Tuesday event hosted by the Financial Times that the CFTC took enforcement action against Binance not due to alleged misconduct but for its failure to comply with regulations.
The CFTC’s multi-billion dollar penalties, part of one of the largest fines in corporate history, were intensified due to the regulator’s prior warnings to crypto firms to ensure compliance. Last month, Binance agreed to pay $4.3 billion to the CFTC, the Department of Justice, and other US government agencies, settling charges related to money laundering and other offenses.
As part of the deal, Binance agreed to pay $
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