Failed exchange FTX has settled with the Commodity Futures Trading Commission.

As part of the deal, the company agreed to pay a $12.7 billion fine to the CFTC, court documents said. The deal also calls for $4 billion in restitution fees and $8.7 billion in damages, subject to court approval.

The CFTC did not seek a civil penalty against FTX. According to the regulator’s representatives, given the guilty pleas and convictions of FTX insiders, the debtors already faced a very significant potential liability to the agency.

The court will consider the settlement agreement on Aug. 6. If the deal is approved, the company can begin the subsequent restructuring and debt repayment stage.

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What is known about the CFTC’s lawsuit against FTX

The CFTC filed the lawsuit …