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US Accuses World’s Largest Crypto Platform, Binance Of Illegal Operations

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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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Ajaero Says FG’s 35% Pay Rise Mischievous, Seeks N615,000 Living Wage

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The President of Nigeria Labour Congress, Joe Ajaero, has criticised the Federal Government’s pay raise announcement, describing it as mischievous moves.

On Tuesday, the Federal Government approved a pay rise of between 25 and 35 per cent for civil servants across various consolidated salary structures.

Speaking on Wednesday during an interview on Sunrise Daily, a Channels Television programme, Ajaero said the last minimum wage of N30,000 expired on April 18.

“We should be in the regime of new minimum wage as of today. Discussions were supposed to have been concluded,” Ajaero said.

READ ALSO: FG Raises Salaries Of Military, Police, Others

“The federal government through the national assembly legislated on it. But we saw that the discussion entered voice mail because the federal government refused to reconvene the meeting that was adjourned.

“I think the announcement now appears mischievous because there is no wage increase that the government is announcing. For them to announce it now, is an issue that we are worried about at the NLC and even at the TUC.”

Ajaero further said organised labour has agreed on N615,000 as the living wage for civil servants.

“Living wage is such that will, at least keep you alive. It is not a wage that will make you poorer and poorer. It is not a wage that will make you borrow to go to work. It is not a wage that will lead you to be in the hospital every day because of malnutrition. For that living wage, we have tried to look at N615,000,” he added.

READ ALSO: JUST IN: FG Approves Salary Increase For Civil Servants

“Let me give you a breakdown of how we arrived at that figure. We have housing and accommodation of N40,000. We asked for electricity of N20,000 — of course, that was before the current tariff increase. Nobody can spend this amount currently. We have a utility that is about N10,000. We looked at kerosene and gas which is about N25,000 to N35,000.

“We looked at food for a family of six, that is about N9,000 in a day. For 30 days, that is about N270,000. Look at medical, N50,000 provided there will be no surgery or whatever.

“For clothing, we looked at N20,000. For education, N50,000. I don’t know if those who tried to put their children in private school, will not be able to cope with this amount. We also have sanitation of N10,000.

“I think where we have another bulk of the money is transportation. This is because the workers stay on the fringes and because of the cost of PMS, which amounted to N110,000.

“That brought the whole living wage to N615,000 and I want anyone to subject this to further investigation and find out whether there will be any savings when you pay somebody on this rate.”
PUNCH

 

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FG Raises Salaries Of Military, Police, Others

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The Federal Government has approved a 25 to 35 per cent increase in the salary structures of police officers, the armed forces, public servants, among others.

It announced this on Tuesday through the National Salaries, Incomes and Wages Commission, stating that the salary raise takes effect from January 1, 2024.

The NSIWC, in a statement issued by its Head of Press, Emmanuel Njoku, said the approved increase of between 25 and 35 per cent in salary was for civil servants on the remaining six consolidated salary structures.

The commission said, “The Federal Government has approved an increase of between 25 per cent and 35 per cent in salary for civil servants on the remaining six consolidated salary structures.”

READ ALSO: JUST IN: FG Approves Salary Increase For Civil Servants

It outlined the structures to include the “Consolidated Public Service Salary Structure, Consolidated Research and Allied Institutions Salary Structure  Consolidated Police Salary Structure, Consolidated Para-military Salary Structure, Consolidated Intelligence Community Salary Structure, and Consolidated Armed Forces Salary Structure.”

Recall that those in the tertiary education and health sectors had already received their increases, which involved Consolidated University Academic Salary Structure, and Consolidated Tertiary Institutions Salary Structure for Universities.

For polytechnics and colleges of education, it involved the Consolidated Polytechnics and Colleges of Education Academic Staff Salary Structure, and Consolidated Tertiary Educational Institutions Salary Structures.

READ ALSO: IPMAN To Shutdown 30,000 Filling Stations Over N200bn Debt

Njoku said the latest increases take effect from January 1, 2024.

“In line with the provisions of Section 173(3) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), the Federal Government has also approved increases in pension of between 20 per cent and 28 per cent for pensioners on the Defined Benefits Scheme in respect of the above-mentioned six consolidated salary structures with effect from January 1, 2024,” the NSIWC stated.

Prior to 2024, Nigerian civil servants had been advocating for a salary raise. Negotiations included talks of a 40 per cent increase, but an agreement was reached for a range of increases between 25 per cent and 35 per cent to be implemented in January 2024.  This increase applies to federal civil servants under various consolidated salary structures.

Also,  Nigerian labour unions have been pushing for a significant increase in the minimum wage of workers across the country.

READ ALSO:Libel: Delta Court Orders Linda Ikeji To Pay NBM N30m Damages

The Nigeria Labour Congress had initially proposed N615,000 per month, while the Trade Union Congress suggested figures ranging from N447,000 to N850,000 depending on the region.

The unions argue the current minimum wage (which expired in April 2024 is insufficient due to rising inflation and the high cost of living.

Talks are ongoing, and the unions have revised their demands downwards. NLC now seeks around N500,000 while considering proposals from their state chapters.

Negotiations are influenced by recent events like the electricity tariff hike, making unions argue for a higher raise. A final decision is expected by May 1, 2024 (May Day).

 

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[BREAKING] Coastal Highway: FG To Pay N2.75bn Compensation Today

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The Minister of Works, David Umahi, has disclosed that the Federal Government will, on Wednesday (today), pay N2.75 billion compensation to property owners affected by the demolition necessary for the construction of the Lagos-Calabar Coastal Highway spanning from channel 0 to channel 3.

He revealed this information during a stakeholders meeting held in Lagos State on Wednesday.

READ ALSO: Two Edo Varsity Students Killed By Suspected Cultists

More compensation is expected to be paid in coming days.

Details later…

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