U.S. federal judge approves Binance and CFTC settlement agreement

A U.S. federal judge has approved a settlement agreement between Binance and the U.S. Commodity Futures Trading Commission (CFTC). According to a Dec. 14 order signed by Judge Manish Shah of the U.S. District Court for the Northern District of Illinois, former CEO CZ is required to pay $150 million, one-third of which is payable within the next 30 days. Binance needs to pay a $1.35 billion fine to the CFTC and waive $1.35 billion in "illegal transaction fees." The order also requires Binance and CZ to ensure that the platform will implement a corporate governance structure that includes a board of directors with independent members, a compliance committee, and an audit committee. (The Block)