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Money Laundering: More Trouble For Binance As Canada Fines Crypto Giant $4.38m
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1 year agoon
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Cryptocurrency exchange giant, Binance, facing charges for alleged $35.4million money laundering and tax evasion in Nigeria, has been fined about C$ 6 million ($4.38million) by Canada’s anti-money laundering agency for violating the country’s money laundering and terrorist financing laws.
The Financial Transactions and Reports Analysis Centre of Canada on Thursday said Binance had failed to register as a foreign money services business with the intelligence body despite several deadlines.
According to Reuters, the Canadian anti-money laundering agency added that Binance, which ceased operations in Canada last year, had not reported receiving virtual currency worth C$10,000 or more on 5,902 separate occasions between June 1, 2021, and July 19, 2023.
Binance did not immediately respond to a Reuters’ request for comment.
Meanwhile, senior authorities within the Federal Government have accused the Chief Executive Officer of Binance, Richard Teng, of blackmail, over a claim that some unknown individuals in Nigeria, demanded a $ 150 million crypto currency bribe from the company’s embattled representatives.
READ ALSO: BREAKING: Court Remands Binance Executive In Abuja Prison
Top Federal Government sources who were not authorised to speak, told our correspondent in confidence in separate interviews on Tuesday.
Senior executives in the Office of the National Security Adviser noted that the Finance CEO’s claim was unfounded.
One of the sources said, “Did he (Binance CEO) mention a name? Since he didn’t mention a name, why should anyone be worried? Why should anyone waste their time if somebody made an unfounded allegation but could not mmentionany name?”
Another source noted, “If someone would say something like this, he should be able to mention the people. It’s not worth our time, anybody can say anything but as long as they can’t substantiate it, it’s a waste of time.
“He should mention names, if not, all that he’s saying is rubbish.”
Meanwhile, two other Federal Government sources at the Economic and Financial Crimes Commission accused the Binance CEO of blackmailing the Nigerian government.
READ ALSO: Detained Binance Chief’s Wife Drags Nigeria Before US Parliament
They noted that Teng’s claim was frivolous, adding that the Binance CEO’s action was the modus operandi of foreign personalities and corporations facing legal charges in Nigeria and other African countries.
One of the sources noted, “It is not only the EFCC that is prosecuting or investigating Binance over its atrocities against Nigeria. There are allegations of money laundering, and tax evasion, amongst others against the company, and several federal government agencies are probing the company’s activities in the country.
“But the latest comment about alleged request for bribery by the Binance CEO is a blackmail against the federal government. That is the modus operandi of international corporations and individuals facing charges in Nigeria or anywhere else in Africa.”
Another source said, “It is the tradition of these international players to blackmail the country whenever they’re caught. What is the correlation between the alleged request for a bribe and the allegations brought against Binance?
“The facts are there – they evaded tax, their platform is being used to launder money, so why are they not facing the facts? The claim is frivolous and a mere blackmail against the government.”
The PUNCH reported last Tuesday that the founder and former Binance CEO Changpeng Zhao had been sentenced to four months in prison in the United States.
READ ALSO: JUST IN: Fleeing Binance Executive Arrested
Zhao pleaded guilty in November 2023 to a money laundering charge.
A United States District Judge Richard Jones said in court last Tuesday that Zhao has also satisfied the requirement of him to pay $50 million in fines.
The 47-year-old admitted to violating the Bank Secrecy Act by willfully failing to set up an effective anti-money laundering system at Binance.
Zhoa founded and ran the cryptocurrency exchange as CEO from July 2017 to November 2023.
In March, The PUNCH reported that a U.S. district court ordered that Zhao surrender his Canadian passport and notify the court before travelling within the country.
PUNCH
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Headline
Iran Declares Holiday Amid Scorching Heatwave As Water Crisis Deepens
Published
2 hours agoon
July 20, 2025By
Editor
Iranian authorities have urged citizens to drastically reduce water consumption as the country battles severe shortages triggered by an intense heatwave, with temperatures surpassing 50 degrees Celsius in some parts.
According to the national meteorological service, this is Iran’s hottest week of the year so far, and conditions are expected to worsen. In Tehran, the capital, temperatures hit 40°C (104°F) on Sunday and are forecast to reach 41°C (106°F) by Monday.
Amid the heatwave in Iran and mounting pressure on water and electricity supplies, Tehran province has declared a public holiday on Wednesday. Government spokesperson Fatemeh Mohajerani announced the social media platform X, citing the need for resource conservation.
READ ALSO:Israel Wants Global Action Against Iran’s Nuclear Plans
“In light of the continued extreme heat and the necessity of conserving water and electricity, Wednesday … has been declared a holiday in Tehran province,” she wrote.
Water scarcity has long plagued Iran, especially in its arid southern provinces. The crisis has been attributed to a combination of climate change, mismanagement, and overexploitation of underground water resources. Officials warn that the reservoirs feeding Tehran are now at their lowest levels in a century, after years of declining rainfall.
Tehran city council chair, Mehdi Chamran, called on residents to conserve water to avoid further supply disruptions. Several provinces have issued similar advisories, urging citizens to cut down usage significantly.
READ ALSO:We Would Have Killed Iran’s Supreme Leader If Given Opportunity – Israel
Tehran’s provincial water management company has appealed for a minimum 20 per cent reduction in consumption to help ease the strain. Local reports from Javan, a conservative newspaper, revealed that authorities have already reduced water supplies in parts of the capital, resulting in outages lasting between 12 and 18 hours in some areas.
Energy Minister Abbas Aliabadi, in a statement on Sunday, apologised for the disruptions, explaining that the measure was necessary “to better manage resources.”
The situation adds to the growing list of climate-related challenges facing Iran, raising fresh concerns about long-term sustainability in the face of extreme weather events.
Headline
VIDEO: Passengers Jump Into Sea As Fire Guts Ferry
Published
10 hours agoon
July 20, 2025By
Editor
Dozens of passengers were forced to jump into the sea after a fire broke out onboard a passenger ferry, KM Barcelona VA, off the coast of North Sulawesi, Indonesia, on Sunday afternoon.
The incident, which occurred around 1.30pm local time, saw chaos erupt as thick black smoke billowed from the lower decks of the vessel, triggering panic among those onboard.
Harrowing videos from the scene captured the moment passengers, many wearing orange life jackets, jumped into the water in desperation while flames tore through the ferry.
Footage showed dark smoke engulfing the skies above the burning vessel, with screams and cries for help echoing from the ship.
READ ALSO:Inside £3,500 Per day Elite London Clinic Where Buhari Died
Some videos also depicted ferry staff assisting passengers in fastening their life jackets before they jumped overboard, as the overcrowded deck was quickly overwhelmed by the advancing inferno.
According to TheSunUS, the KM Barcelona VA, a ferry servicing the Manado-Tahuda route and nearby islands, was en route from the Talaud Islands to Manado City when the fire broke out near Talise Island, North Minahasa Regency. The vessel had been scheduled to arrive at Manado Port.
Rescue operations remain underway, with emergency teams racing to account for all passengers. Authorities have yet to confirm any casualties, and the cause of the fire is still unknown. A search and rescue post has been established at Likupang Port to coordinate efforts.
“There are KM Barcelona III, KM Venecian, and KM Cantika Lestari 9F,” a Manado KSOP officer confirmed, referring to the vessels dispatched to support the evacuation. Local fishermen and residents also joined the rescue operation, surrounding the burning ferry in small boats to assist in saving those trapped.
READ ALSO: Three Children Freed In Spain After Three Years Indoors
Images taken after the flames were subdued showed the once blue and white ferry reduced to a charred wreck, with its internal metal structure exposed and its hull completely destroyed.
Some survivors were seen staring in shock at the remains of the vessel from nearby boats.
The head of the Manado Search and Rescue Office, George Leo Mercy Randang, said: “More information will follow. We hope all passengers can be rescued first.”
Families of those onboard have been urged to stay calm and await official updates as authorities continue to gather details.
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Headline
How Thief Stole Aeroplane At Airport 22 Years After Two Men Went Away With Boeing 727
Published
2 days agoon
July 19, 2025By
Editor
To many, stealing an aeroplane right inside the airport with a watertight security system in place seems unbelievable, but a man in Canada stole a light aeroplane at an airport in the country, circled it around and later landed it before he was arrested by security officials.
This came 22 years after two men entered a Boeing 727 parked inside the airport in Luanda, the Angolan capital, and went away with the big aircraft.
According to reports, the aeroplane had not been found till today and the men had evaded arrest since then.
According to the Cable News Network (CNN), the stolen Cessna 172 aircraft caused a temporary shutdown of the airspace over Vancouver International Airport, one of the busiest in Canada, on Tuesday.
READ ALSO: ‘His Security Is Not Guaranteed,’ Okpehbolo Warns Obi Not To Come To Edo Without Informing Him
The man stole the aircraft, took off from Victoria International Airport, where it is used for flight training, and flew north about 40 miles to Vancouver.
He started circling, apparently due to his lack of expertise.
“We do have an aircraft that has been stolen and is in the vicinity of the airport,” a tower controller warned other pilots.
“Just in case anything starts heading towards you, you have the ability to move at your discretion.”
The man eventually landed the plane safely at Vancouver International Airport and was immediately surrounded by police.
READ ALSO:U.S Plane Carrying 64 Passengers Collides With Army Black Hawk At Reagan Airport
The thief, who was not identified by authorities, was the only person inside and was arrested.
A similar incident also occurred at Luanda International Airport, Angola, when two individuals successfully stole a Boeing 727 without any security official knowing about the theft until a few hours later.
The Boeing 727, once operated by American Airlines, was retired and left at Luanda airport after plans to convert it were rejected. In 2003, two men—a pilot and a mechanic—illegally boarded the plane and took off with 14,000 gallons of fuel, enough to travel 1,500 miles. The plane and the men were never found.
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