Binance and its former CEO, Changpeng "CZ" Zhao, are facing substantial financial penalties following a settlement with the Commodities Futures and Trading Commission (CFTC). The U.S. District Court for the Northern District of Illinois has approved the settlement, concluding the CFTC's enforcement action initiated in November. As per the agreement, CZ is ordered to pay a personal civil monetary penalty of $150 million, while Binance is required to disgorge $1.35 billion in ill-gotten transaction fees and pay an additional $1.35 billion penalty to the CFTC. This development underscores regulatory scrutiny in the cryptocurrency industry and emphasizes the need for compliance with existing regulations.