Executives of Binance, the renowned cryptocurrency exchange, reportedly briefed its top market makers on a tentative $4.3-billion settlement with U.S. authorities. This exclusive heads-up was given during a September dinner in Singapore, nearly two months before the settlement details were publicly disclosed. Richard Teng, who succeeded Changpeng "CZ" Zhao as Binance CEO following the settlement, was present at this event. However, Binance has contested the accuracy of these reports without specifying which parts were incorrect.
As part of the settlement, Binance is required to pay $4.3 billion to various U.S. authorities, with Zhao personally responsible for $150 million to the U.S. Commodity Futures Trading Commission. Despite this resolution, Binance.US and Zhao still face a lawsuit filed by the U.S. Securities and Exchange Commission, along with a separate suit involving soccer star Cristiano Ronaldo's promotion of Binance NFTs, alleged to be unregistered securities.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
