In a landmark ruling, the U.S. District Court for Northern Illinois has given its nod to the settlement between Binance, the world’s largest cryptocurrency exchange, and the Commodity Futures Trading Commission (CFTC). The resolution follows a series of legal actions initiated by the CFTC in November, leading to penalties totaling $2.85 billion against the exchange and its former CEO, Changpeng Zhao. According to the court document, Zhao and Binance have been found to be in violation of the Commodity Exchange Act (CEA) and CFTC regulations. The court has imposed a civil monetary penalty of $150 million on Zhao personally and mandated that Binance disgorge $1.35 billion in ill-gotten transaction fees. Additionally, Binance is required to pay a $1.35 billion penalty to the CFTC. The settlement brings an end to a protracted conflict between the regulatory body and the cryptocurrency trading platform. The CFTC had originally filed charges against Binance and Zhao in March 2023.