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  • Statement Of CFTC Commissioner Caroline D. Pham Regarding Binance Consent Orders

    Date 21/11/2023

    Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham released the following statement regarding the CFTC’s consent orders related to Binance announced today:

    “These enforcement actions, including separate consent orders against two individuals with hundreds of millions of dollars in penalties, demonstrate that the CFTC is committed to holding management accountable.

  • Statement Of CFTC Commissioner Caroline D. Pham On Chief Compliance Officer Liability

    Date 21/11/2023

    This consent order related to Binance is the first time that the CFTC is charging a compliance officer with individual liability.

  • Statement Of CFTC Commissioner Christy Goldsmith Romero On Bringing Binance And Its Founder To Justice

    Date 21/11/2023

    Today, the CFTC has filed with the court a proposed resolution of the case against Binance, which operates the world’s largest digital asset trading platform, its founder and CEO Changpeng Zhao, and its Chief Compliance Officer Samuel Lim, in connection with proposed resolutions of a criminal case by the Department of Justice, and a civil case by the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) and Treasury’s Office of Foreign Assets Control (“OFAC”).  The case is resolved for $2.8 billion, a ban from operating unregistered in CFTC-regulated markets, changes to implement Know Your Customer (KYC) controls, and removing accounts that violate the new controls, including U.S. trading firms.

  • Statement of Commissioner Kristin N. Johnson Regarding CFTC’s Landmark Resolution of Charges against Binance and Its CEO and CCO

    Date 21/11/2023

    Today the Commodity Futures Trading Commission (CFTC) announced the filing of a proposed consent order in its litigation against three affiliated entities of the cryptocurrency exchange Binance, Binance's founder and chief executive officer (CEO) Changpeng Zhao, and former Binance chief compliance officer (CCO) Samuel Lim. Pending approval by Judge Manish S. Shah of the United States District Court for the Northern District of Illinois, this order will resolve the CFTC’s litigation against Binance, Zhao, and Lim filed in March of this year. The Commission’s complaint charged the defendants with offering and executing illegal off-exchange futures, options, and retail commodity transactions; failing to register as a futures commission merchant and a designated contract market or swap execution facility; failing to diligently supervise, including failing to maintain a Customer Identification Program (CIP), know your customer (KYC) procedures, or an anti-money laundering (AML) program; and conducting activities designed to willfully evade requirements of the Commodity Exchange Act (the CEA) and Commission Regulations.

  • CFTC: Binance Former Chief Compliance Officer, Samuel Lim, Agrees To Pay $1.5 Million For Willfully Evading U.S. Law, And Aiding And Abetting The Illegal Operation Of A Digital Asset Derivatives Exchange, And Other Violations

    Date 21/11/2023

    The Commodity Futures Trading Commission today announced former Binance Chief Compliance Officer, Samuel Lim, agreed to a proposed consent order for permanent injunction, civil monetary penalty, and equitable relief that, if entered by the U.S. District Court for the Northern District of Illinois, will resolve all charges the CFTC brought against Lim for violating the Commodity Exchange Act (CEA) and willfully aiding and abetting Binance’s numerous violations of the CEA as detailed in the CFTC filing against Binance today. [See CFTC Press Release No. 8825-23]

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