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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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Afghanistan’s Taliban Release US Citizen

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Afghanistan’s Taliban government released an American citizen from detention on Sunday, a week after freeing an elderly British couple.

In a statement, the ministry identified the detainee as Amir Amiri and said he had been handed over to Adam Boehler, Washington’s special envoy on hostages.

Boehler made a rare visit to Kabul earlier this month to discuss the possibility of a prisoner exchange with the Taliban government.

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The Islamic Emirate of Afghanistan released an American citizen named Amir Amiri from prison today,” the Foreign Ministry on X, using the official name for the government.

“The Afghan government does not view the issues of citizens from a political angle and makes it clear that ways can be found to resolve issues through diplomacy.”

READ ALSO:Taliban Detains 14 For Playing Music, Singing At Afghanistan Private Gathering

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Little is known about Amiri’s case, as it has not been widely reported.

An official with knowledge of the release said Amiri, who is 36, “had been detained in Afghanistan since December 2024”.

The official added that Amiri would stop briefly in Doha, Qatar for medical checks before continuing back to the United States.

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US Secretary of State Marco Rubio welcomed the release of Amiri, said he had been “wrongfully detained” in Afghanistan, and thanked Qatar for helping to get him freed.

President Donald Trump “has made it clear we will not stop until every American unjustly detained abroad is back home,” Rubio wrote on X.

In January two Americans were freed in exchange for an Afghan fighter, Khan Mohammed, who was convicted of narco-terrorism in the United States.

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READ ALSO:Taliban Court Publicly Flogs Woman For Illicit Relationship, Running Away From Home

Another American, airline mechanic George Glezmann, was freed after more than two years in detention during a March visit to Kabul by Boehler.

At least one other US citizen, Mahmood Habibi, is being held in Afghanistan. The United States is offering a $5 million reward for information leading to his capture.

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The Taliban authorities deny any involvement in his 2022 disappearance.

Just a week ago, Britons Peter Reynolds, 80, and his wife Barbie, 76, were released from a Kabul prison after almost eight months in detention. The Taliban authorities did not say why they were detained.

The couple was arrested in February and first held in a maximum security facility, “then in underground cells, without daylight, before being transferred” to the intelligence services in Kabul, UN experts have said.

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READ ALSO:1.4 Million Girls Banned From Afghan Schools Since Taliban Return – UNESCO

The couple married in Kabul in 1970 and have spent almost two decades living in Afghanistan, running educational programmes for women and children. They also became Afghan citizens.

All the releases have been mediated by Qatar.

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Both the US and the UK, like many other Western nations, warn against all travel to Afghanistan.

Russia is the only country to have officially recognised the Taliban government, which has imposed a strict version of Islamic law and been accused of sweeping human rights violations.

Dozens of foreign nationals have been arrested since the group returned to power in August 2021, when most embassies withdrew their diplomatic presence.

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The Taliban government says it wants to have good relations with other countries, notably the United States, despite the 20-year war against US-led forces.

 

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One Dead, Several Injured After US Shooting, Fire At Mormon Church

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One person was killed and several others injured Sunday after a shooter targeted a Mormon church in the US state of Michigan, where the building was also set on fire, authorities said.

The suspect, a 40-year-old man from a nearby town, was shot dead by law enforcement after the attack, police said, without specifying any possible motive.

President Donald Trump called the shooting “horrendous” and said on his Truth Social platform it “appears to be yet another targeted attack on Christians in the United States of America.”

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Images from the scene showed emergency services escorting people on stretchers and a large plume of dark smoke at the Church of Jesus Christ of Latter-day Saints in Grand Blanc Township.

READ ALSO:Head Of Mormon Church Is Dead

Local police chief William Renye told reporters the suspect drove his vehicle through the front doors of the church and then began firing at people inside with an assault rifle.

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He said the service was active with “hundreds of people within the church.”

Authorities believe the gunman also deliberately set fire to the church before he was killed by responding police officers, Renye said.

Ten gunshot victims were transported to hospital, including one who has died, the official said.

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READ ALSO:US Lifts Restrictions On Visa Validity For Ghanaians, Leaves Nigeria’s Unchanged

He added that the fire had been extinguished but that “we do believe that we will find additional victims once we have that scene secure.”

A woman who lives near the church told AFP: “My husband heard people screaming, one lady yelling for help.”

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FBI agents are on the scene to assist the investigation, chief Kash Patel said on X.

Violence in a place of worship is a cowardly and criminal act. Our prayers are with the victims and their families during this terrible tragedy,” he wrote.

Attorney General Pam Bondi also said she had been briefed on the incident.

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Head Of Mormon Church Is Dead

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Russell Nelson, who headed the Mormon church since 2018, died on Saturday night at age 101, the church announced.

“With sorrow we announce that Russell M. Nelson, beloved President of The Church of Jesus Christ of Latter-day Saints, passed away peacefully… at his home in Salt Lake City,” it said in a statement, using the church’s official name.

The former heart surgeon was “the oldest president in the history of the Church,” the statement added, without specifying a cause of death.

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Utah Republican senator Mike Lee lauded Nelson as a “bold, visionary leader prepared by God to testify of Jesus Christ in the very times in which we now live.”

READ ALSO:Saudi Arabia’s Grand Mufti Is Dead

Nelson became the 17th president of the Church in January 2018 at age 93, succeeding Thomas Monson.

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Before becoming president, Nelson successfully pushed for the church to label same-sex married couples as “apostates” and bar their children under the age of 18 from religious rites, including baptisms — though that policy was scrapped after he took on the role.

He also broke with his predecessors and cautioned against using shorthands “LDS” or “Mormons” to refer to the church.

Nelson’s successor will be chosen after his funeral by the Quorum of the Twelve Apostles, who like the church’s president are considered prophets by believers.

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READ ALSO:Brazilian Jazz Legend, Hermeto Pascoal, Is Dead

The religious leader is survived by his wife, eight of his children, 57 grandchildren and more than 167 great-grandchildren, according to the church.

Founded in 1830, the Mormon church considers itself a Christian body, but bases its doctrines on the Book of Mormon, a text purporting to contain a fuller version of the words of Jesus Christ than that recorded in the Bible.

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The Church of Jesus Christ of Latter-day Saints claims a total membership of more than 17.5 million people.

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