News
US Accuses World’s Largest Crypto Platform, Binance Of Illegal Operations
Published
2 years agoon
By
Editor
The United States regulators are seeking to impose a ban on the world’s largest crypto trading platform, Binance, alleging that the firm has breached financial laws and operating in the country illegally.
According to BBC, the lawsuit from the Commodity Futures Trading Commission (CFTC) said the firm cultivated US business while failing to register properly with authorities.
It accused Binance of breaking numerous US financial laws, including rules intended to frustrate money laundering, but the cryptocurrency firm defended its practices.
It said it had made “significant investments” to ensure that US users were not active on the platform, including blocking users identified as American citizens or residents, or who had a US mobile number.
READ ALSO: Germany Shuts Down ‘World’s Largest’ Crypto Launderer
“This filing is unexpected and disappointing as we have been working collaboratively with the CFTC for more than two years. Nevertheless, we intend to continue to collaborate with regulators in the US and around the world,” Binance said.
“The best path forward is to protect our users and to collaborate with regulators to develop a clear, thoughtful regulatory regime.”
Binance founded in 2017, has become the world’s largest centralised exchange for digital assets, claiming more than 100 million users globally. It is led by Chinese-born Canadian billionaire Changpeng Zhao, who was also named in the complaint.
The CFTC also said Binance had been active in the US since 2019, but never properly registered with the government or complied with relevant US laws, using an “intentionally opaque” global corporate structure in a bid to escape oversight.
And over the years, Binance did not require its customers to offer any identity-verifying information before trading on the platform, the CFTC alleged in the civil lawsuit as filed in federal court in Illinois.
In 2021, the firm announced it was tightening its rules. But at the same time, the CFTC said it advised US-based customers on how to evade those controls using virtual private networks (VPNs) and shell companies.
READ ALSO: Nigeria Tops UAE, US, Others As Most Crypto-curious Country
The firm evaded the rules “to maximise corporate profits,” the CFTC said. It asked the US court for restitution and fines, as well as permanent trading and registration bans.
CFTC chairman Rostin Behnam said the government filed the case to protect American investors and it should serve as a broader caution to those working in the crypto sector.
“For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. This should be a warning that the CFTC will not tolerate wilful avoidance of US law,” Behnam said.
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News
JUST IN: NIWA Bans Unlicensed Boat Operations To Improve Waterway Safety
Published
7 minutes agoon
September 9, 2025By
Editor
The National Inland Waterways Authority has announced an immediate ban on all loading activities from unauthorised points across the country to curb boat accidents and improve safety on Nigeria’s inland waterways.
Speaking during a press briefing in Abuja on Tuesday, the Managing Director of the National Inland Waterways Authority, Bola Oyebamiji, announced the new directives, saying, “NIWA has placed an immediate ban on loading activities from all unauthorised loading points across the country. No commercial passenger boat shall be allowed to load from any point other than those recognised and registered by NIWA.
“It is mandatory for all commercial boat operators to provide and enforce the use of lifejackets on the boats always. Every commercial passenger boat must properly display its Boat Name Letters and Load line.”
He also gave the directive that “all unlicensed boats and watercraft be removed from the waterways.”
READ ALSO:Tragedy As Navy Boat Capsizes After Free Medical Outreach In Delta
Adding that, “All unlicensed boat drivers and operators are banned from operating any boats or watercraft on the waterways.”
Several deadly inland waterway accidents have occurred in the past six months. For example, in April, a boat carrying traders on the Niger River capsized near Sokun Village in Lapai LGA (Niger State) due to a sudden storm.
Local media reported that
“an unspecified number of traders” drowned when the overloaded boat went down in strong winds. No definitive casualty count was released for that accident, but it underscored the danger of river travel during seasonal squalls.”
“Another occurred in July, in Niger State. A passenger boat laden with rice, livestock, and about 40 people collided with a submerged log and capsized on the Shiroro River (near Zumba market in Shiroro LGA).”
READ ALSO:Navy Rescues 99 In Rivers Boat Mishap
Rescue teams later recovered 15 bodies and identified three more people still missing; 26 passengers wearing life jackets were rescued.
In Sokoto State, two deadly accidents occurred in mid-August 2025. A heavily loaded boat ferrying women, children, and motorcycles to the Goronyo market capsized.
The most recent accident occurred in September in Niger State. A wooden boat carrying mourners to a condolence visit capsized near Gausawa in Borgu LGA on the Kainji Reservoir’s Malale River. More than 27 people were reported to have been confirmed dead.
News
Edo Deputy Gov Orders Restoration Of Water Supply To Health Facility
Published
2 hours agoon
September 9, 2025By
Editor
Edo State deputy governor, Hon. Dennis Idahosa has ordered the immediate restoration of regular water supply to General Hospital, Iguobazuwa, Ovia South West local Government Area of the state.
The deputy governor’s order followed complaints of inadequate water supply to the health facility by patients and staff of the hospital during an on the spot assessment of the hospital by the Idahosa on Tuesday.
In a statement made available to newsmen by his Chief Press Secretary, Friday Aghedo, the deputy governor was said to have assured the people of the Governor Monday Okpebholo-led administration’ collaboration with critical stakeholders to boost health care in the state.
READ ALSO:Edo Deputy Governor, Idahosa Felicitates Muslims On Eid-ul-Mawlid
Idahosa, who noted that the revitalisation of the state’s health care sector was part of the SHINE agenda of the governor, expressed satisfaction with the level of work at the hospital.
The deputy governor, while reiterating the commitment of Okpebholo-led government to improving the livelihoods of the people, disclosed, “We came today on oversight, to see the current situation of the hospital, and, it is clear the hospital needs some transformation.
“This is the major hospital that services the entire region. The traffic is quite high. So, we were asked to come here today to inspect the hospital today by His Excellency, the Executive Governor.
READ ALSO:By-Election: Idahosa Assures Of More Infrastructural Development In Ovia
“It is his mandate and in line with his campaign promises to ensure that all the thirty four hospitals across Edo State meet the highest standard.
“Based on that, we are here, and the assessment is good, and, we will do the needful to ensure that what is needed is put in place.”
Earlier at a stopover at the resident of the Odionwere of Iguobazuwa, Pa Edward Igbinovia, the deputy governor, has assured of the government readiness to transform the general hospital.
According to him, the hospital will be provided with a perimeter fence, renovation of the doctors quarters and provision of solar powered lighting to boost efficiency.
The Ag. Medical Director, Dr. Daniel Moses commended the government on the promises to transform the hospital
News
UNIBEN Releases Screening Results, Begins Admission Process
Published
3 hours agoon
September 9, 2025By
Editor
The University of Benin has released the results of its just-concluded Post-UTME and Direct Entry screening test, with scores now accessible on candidates’ UNIBEN portal pages.
The institution’s Public Relations Officer, Benedicta Ehanire, announced this on Tuesday via a statement made available to the News Agency of Nigeria on Benin.
Ehanire, however, urged candidates to disregard the “NOT ADMITTED” status currently appearing on their slips.
READ ALSO:UNIBEN Veterinary Medicine Faculty Shut Down Over Non-accreditation
She clarified that the admission process had officially commenced and would run until Oct. 31, in line with the Joint Admissions and Matriculation Board schedule.
According to her, all candidates who scored 50 per cent and above in the screening are eligible for consideration, subject to the recommended admission guidelines.
“Further details on the admission process will be released in due course,” she said.
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