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Money Laundering: More Trouble For Binance As Canada Fines Crypto Giant $4.38m

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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.

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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

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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?”

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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.

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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.

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“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.”

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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.

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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.

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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.
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British Family Accused Of Boarding Dead Grandmother On EasyJet Flight

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A British family has been accused of trying to board a dead relative onto an EasyJet flight from Málaga, Spain, to London Gatwick on Thursday, passengers said.

The woman, reportedly 89 years old, was wheeled onto the plane by five family members, who told airline staff she was unwell and had fallen asleep.

Witnesses said the woman was pushed in a wheelchair to the rear of the plane and lifted into her seat. Some claimed they overheard a family member tell a boarding clerk, “It’s OK, she’s just tired,” adding, “It’s OK, we’re doctors.”

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READ ALSO:Gunmen Invade Church, Kill Priest’s Wife In Anambra

Just before takeoff, the cabin crew realized the woman had died, and the plane was turned around, delaying the flight by 12 hours.

Petra Boddington, a passenger, said: “easyJet, when did you start letting dead people onto planes? Seriously!” Another, Tracy-Ann Kitching, added: “I saw her being wheeled onto the plane; someone was holding her head as they passed me! A doctor on board confirmed that was already dead when they sat her down.”

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EasyJet has denied that a deceased person boarded the plane. The airline said the passenger had a fit-to-fly certificate and was alive when she boarded.

READ ALSO:UK Charges Nigerian-British Art Dealer Ochuko Ojiri With Terrorism-related Offence

The flight returned to the stand prior to take-off due to a customer on board requiring urgent medical assistance. The flight was met by emergency services, but sadly the customer passed away,” a spokesperson said.

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The Guardia Civil in Málaga confirmed officers attended the aircraft, and the woman was declared dead on board. No arrests have been made.

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Russian Strike On Odesa Region Kills Eight, Injures 27

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Ukraine’s State Emergency Service has reported at least eight people killed and 27 others injured on Friday night after a Russian ballistic missile strike hit the southern Ukrainian city of Odesa.

According to Ukrainian authorities, the attack targeted port infrastructure facilities in the town of Pivdenne, near Odesa, and damaged nearby civilian vehicles.

The strike came one week after much of Odesa was left without power, heat, and water following a “severe” aerial assault.

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Some of the injured were on a bus that was at the epicenter of the shelling. Trucks caught fire in the parking lot, and cars were also damaged,” the State Emergency Service said.

READ ALSO:Russia Insists Ukraine Must Cede Land Or Face Continued Military Push

Emergency officials said the deaths occurred at a port infrastructure facility. Medical teams and first responders were deployed after the strike, but their work was disrupted by “ongoing air raid alerts,” according to Oleh Kiper, head of Odesa’s regional administration.

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Russia has carried out repeated attacks on Odesa in recent days, damaging port facilities, civilian vessels, and key infrastructure.

Two major bridges linking the northern and southern parts of the Odesa region have also been hit, with repairs under way, Kiper said.

Elsewhere, Ukraine’s State Emergency Service reported a “massive” drone attack on the southern Mykolayiv region, which damaged civilian infrastructure and vehicles. No casualties were reported.

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READ ALSO:19 Die From Alcohol Poisoning In Russia

Odesa, Ukraine’s largest seaport and a major hub in the Black Sea region, has been a frequent target since the start of the war.

Last week, civilian, energy, and industrial sites in the city suffered extensive damage after what regional officials described as “one of the enemy’s most severe airstrikes,” leaving many areas without power and water.

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Russia’s Defence Ministry has not commented on the attack.

Speaking hours before the strike during his annual Direct Line call-in show, Russian President Vladimir Putin said Russia was yet to “see Ukraine’s readiness for peace”.

[Russia] is ready for negotiations and for ending the conflict via peaceful means,” Putin said, adding that it was up to Russia’s “Western opponents” to end the war.

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(CNN)

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Aircraft Crashes In Owerri With Four Persons Onboard

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Photo: File copy

A Cessna 172 aircraft with registration number 5N-ASR, operated by Skypower Express, has crashed at the Sam Mbakwe International Cargo Airport, Owerri, Imo State.

The aircraft had departed Kaduna International Airport en route to Port Harcourt International Airport before diverting to Owerri after the crew declared an emergency.

The crash occurred at about 8:00 pm on the airport premises, with four passengers and crew members onboard.

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Confirming the incident, the Director, Public Affairs and Family Assistance of the Nigerian Safety Investigation Bureau (NSIB), Mrs. Bimbo Oladeji, said the agency had been notified of the crash.

READ ALSO:Social Media Feud Spills Into Aircraft As VDM, Mr Jollof Exchange Blows

According to the NSIB, the aircraft crashed on the approach area of Runway 17, but no fatalities have been recorded so far.

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The statement said: “Following the occurrence, airport emergency services were successfully activated and arrived on site promptly. Reports indicate that there was no post-crash fire, and the runway remains active for flight operations, with other aircraft taking off safely after the incident.

“Efforts are currently underway to coordinate the recovery and evacuation of the distressed aircraft from the crash site to allow for a detailed wreckage examination.”

The NSIB said it has officially activated its investigation protocols in line with its statutory mandate

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READ ALSO:Ogun To Prosecute DJ Over Multiple Road Crashes

The Director-General of NSIB, Capt. Alex Badeh Jr., sympathised with the management of Skypower Express over the incident and expressed relief that no lives were lost.

Badeh Jr. added that the Bureau’s investigation team is already coordinating with relevant authorities to secure the crash site and commence a detailed investigation into the cause of the accident.

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Two days ago, 11 persons narrowly escaped death as a private jet crash-landed at Mallam Aminu Kano International Airport, Kano, on Sunday morning.

The occupants, including passengers and cabin crew, were safely evacuated amid an intense atmosphere, eyewitnesses told The Guardian.

READ ALSO:Tanker Crash Kills Three, Fire Razes Shops In Kano

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The private jet, owned by Flybird Aviation, crash-landed at about 9:30 a.m. while approaching Kano Airport en route to Abuja.

The incident attracted urgent attention, with emergency staff and other stakeholders converging at the runway to render rescue operations.

The management of the Federal Airports Authority of Nigeria (FAAN) is yet to release an official statement on the incident. Unofficial sources disclosed that the passengers have been taken to an unknown destination.

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Several aircraft incidents have occurred at Kano Airport, with several lives lost.

The last incident occurred in May 2002, when an EAS Airline aircraft departed the runway at Aminu Kano International Airport at 1:29 p.m. local time en route to Lagos.

 

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