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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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Russia Insists Ukraine Must Cede Land Or Face Continued Military Push

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Russian President Vladimir Putin said Thursday that he would end his Ukraine offensive if Kyiv withdrew from territory Moscow claims at its own — otherwise his army would take it by force.

The Russian army has been slowly but steadily grinding through eastern Ukraine in costly battles against outnumbered and outgunned Ukrainian forces.

Washington has meanwhile renewed its push to end the nearly four-year war, putting forward a surprise plan that it hopes to finalise through upcoming talks with Moscow and Kyiv.

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“If Ukrainian forces leave the territories they hold, then we will stop combat operations,” Putin said during a visit to Kyrgyzstan. “If they don’t, then we will achieve it by military means.”

Russia controls around one-fifth of Ukraine’s territory. The issue of occupied land, which Kyiv has said it will never cede, is among the biggest stumbling blocks in the peace process.

READ ALSO:Putin Admits Russia Caused Azerbaijani Plane Crash

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Another important issue in the talks are Western security guarantees for Ukraine, which Kyiv says are needed to prevent Moscow from invading again in the future.

Washington’s original plan — drafted without input from Ukraine’s European allies — would have seen Kyiv withdraw from its eastern Donetsk region and the United States de facto recognise the Donetsk, Crimea and Lugansk regions as Russian.

The US pared back the original plan over the weekend following criticism from Kyiv and Europe, but has not yet released the new version.

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Putin, who has seen the new plan, said it could be a negotiation starter.

Overall, we agree that it could form the basis for future agreements,” he said of the latest draft, which the US is thought to have shortened to about 20 points.

READ ALSO:Russian Strikes Kill Five In Ukraine, Cause Power Outages

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US negotiator Steve Witkoff was expected in Moscow next week to discuss the revised document, Putin said.

US Army Secretary Dan Driscoll is meanwhile due to visit Kyiv later this week, Ukraine’s top presidential aide Andriy Yermak said.

– ‘Little can be done’ –

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In his remarks Thursday, Putin repeated the claim that Russia had encircled the Ukrainian army in Pokrovsk and Myrnograd in Ukraine’s eastern Donetsk region — the most fiercely embattled area and a key target for Moscow’s forces.

“Krasnoarmeysk and Dimitrov are completely surrounded,” he said, using the Russian names for the cities.

Moscow was also advancing in Vovchansk and Siversk, as well as approaching the important logistic hub of Guliaipole, he added.

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The Russian offensive “is practically impossible to hold back, so there is little that can be done about it”, Putin said.

READ ALSO:Trump Urged Ukraine To Give Up Land In Peace Deal Talks — Official

Ukraine has denied Pokrovsk and Myrnograd are encircled, insisting its forces continue to hold the enemy along the front line.

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Putin also questioned Ukrainian President Volodymyr Zelensky’s legitimacy and said signing any agreement with him would be legally “almost impossible” at the moment, a suggestion that has drawn groans from Kyiv and its allies.

According to data analysed by AFP from the American Institute for the Study of War (ISW), Russian forces have conquered an average of 467 square kilometres (180 square miles) each month in 2025 — a step up from 2024.

Moscow launched its full-scale invasion of Ukraine in February 2022, triggering the worst armed conflict in Europe since World War II.

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The war has killed hundreds of thousands of people and forced millions to flee their homes.

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Morocco Jails French Rapper Maes For Kidnapping Bid

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A Moroccan court has sentenced French rapper Maes to seven years in prison on charges including the formation of a criminal gang and attempted kidnapping, local reports said Wednesday.

Maes, who has roots in Morocco and whose real name is Walid Georgey, was arrested upon landing in Morocco in January after fleeing the United Arab Emirates, where he feared he could be extradited to France, the reports said.

French authorities had issued an international arrest warrant for him over a separate criminal case.

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He appeared in court late Tuesday and was found guilty of “forming a criminal organisation, attempted abduction and unlawful confinement” of a rival in Morocco, news website TelQuel reported.

READ ALSO:Bandits Claim Kebbi, Niger Abductions, Vow More Attacks On Soldiers, Politicians [VIDEO]

The rapper with over a billion views on his YouTube channel was accused of tasking a gang and hitmen with killing the rival, but the plot was foiled, TelQuel added.

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Maes has denied all charges, with his lawyers calling the case “empty” and “arguing that no evidence linked him to the other defendants”, TelQuel added.

Ten other people were sentenced as part of the case, with terms ranging from one to 10 years, according to news website Media24.

AFP was unable to independently verify the reports as prosecutors were not immediately reachable for comment.

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READ ALSO:Gov Mohammed Flags Off Construction Of 203.47-kilometre Rural Roads

In 2020, when Maes was one of France’s most-streamed rappers, he fell victim to extortion attempts in his native Sevran, a suburb north of Paris, according to reports.

He retaliated by opening fire with weapons he had at home, leading to a shootout. He then fled to Dubai with his family, according to an interview with French YouTube channel LEGEND.

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Following the killing of his manager in 2022, he was suspected of ordering reprisals against those he believed were behind the murder, according to reports.

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UK Court Clears Comedy Writer Of Harassing Transgender Woman

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A London court on Tuesday cleared Emmy award-winning comedy writer Graham Linehan of harassing a transgender activist online but found him guilty of criminal damage to their mobile phone.

Linehan, who co-created the popular 1990s sitcom “Father Ted” but has more recently become well-known for his gender critical views, had been accused of sending Sophia Brooks “abusive and vindictive” messages on social media.

He was also charged with criminal damage after deliberately knocking a phone out of Brooks’s hand as they filmed him on the sidelines of a London conference.

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Ruling on the case, District Judge Briony Clarke said she was not convinced Linehan’s conduct “was oppressive and unacceptable beyond merely unattractive, annoying or irritating”.

READ ALSO:UK Rejects Nigeria’s Request To Transfer Ekweremadu

Clarke also concluded Brooks was not “as alarmed and distressed as they portrayed themself to be”.

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But convicting Linehan of criminal damage, the judge ruled he was “angry and fed up” and did not use “reasonable force” when the phone was taken from Brooks.

Clarke fined him £500 ($655) and ordered him to pay costs of £650 and a statutory surcharge of £200.

READ ALSO:Tinubu Appoints Non-Career Ambassadors For US, UK, France

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The Irish writer, who also co-created the popular sitcoms “Black Books” and “The IT Crowd”, became embroiled in a free speech row in Britain earlier this year over his anti-transgender stance.

It followed his arrest at London’s Heathrow Airport by armed police over accusations of inciting violence with his X posts insulting transgender people.

The arrest sparked a backlash and claims of state overreach, including from US tech billionaire Elon Musk. But in October, UK prosecutors said they would take “no further action” in that case.

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AFP

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