The U.S. Court has approved a settlement between the CFTC and Binance, with Binance paying $2.7bn and its former CEO, CZ, paying $150m. The court found that Binance and CZ violated federal law by operating an unregistered derivatives exchange. As part of the settlement, Binance must implement a formalized corporate governance structure and maintain KYC measures. Binance’s former CCO, Samuel Lim, has also been ordered to pay a $1.5m penalty for aiding and abetting Binance’s violations. CZ stepped down as CEO in November as part of a wider settlement with U.S. Regulatory agencies.