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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.
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.
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?”
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.
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.
“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.”
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.
Zhao pleaded guilty in November 2023 to a money laundering charge.
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.
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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Troops Repel Terrorists’ Attack on Military Post in North-east, Eliminate 12 ISWAP/Boko Haram Fighters
Troops of the Joint Task Force (North East), Operation Hadin Kai (OPHK), have eliminated 12 ISWAP and Boko Haram fighters during a failed attack on a military position in the Kirawa axis of Sector 1 OPHK Area of Responsibility in the early hours of May 22, 2026.
The operation was carried out under Operation Desert Sanity and Siege Operations after suspected terrorists attempted to infiltrate positions occupied by troops of the 153 Task Force Battalion and other allied forces along the Nigeria-Cameroon border axis.
According to the Media Information Officer of Joint Task Force (North East) Operation Hadin Kai, Lieutenant Colonel Sani Uba, the attack was promptly detected and effectively repelled by troops and members of the Civilian Joint Task Force (CJTF), who responded with superior firepower and maintained control of their positions throughout the encounter.
The terrorists were subsequently forced to abandon the mission and retreat towards the Cameroon axis after suffering heavy casualties during the gun battle.
“Intelligence, Surveillance, and Reconnaissance assets, as well as platforms of the Air Component of OPHK and partner forces, provided coordinated support during the operation.
“Following the engagement, troops confirmed the neutralisation of 12 terrorists, while several others reportedly escaped with gunshot wounds, as evidenced by blood trails along their withdrawal routes.
“Recovered items included AK-47 rifles, rocket-propelled grenade systems, ammunition, and a PKT machine gun, further weakening the operational capability of the insurgents in the area,” the statement said.
Troops of OPHK, working alongside the Civilian Joint Task Force, have continued exploitation operations to track fleeing terrorists and recover additional weapons and equipment, while maintaining heightened vigilance across the area.
The Joint Task Force reaffirmed its commitment to sustaining pressure on terrorist groups until they are completely neutralised across the theatre of operations.
The military high command also commended the troops for their gallantry, professionalism, and swift response, which it described as the third successful operation recorded within the week, urging them to sustain the operational momentum in the interest of national security.
News
Africa needs $2.8 trillion by 2030 to meet climate goals — Report
Africa will require an estimated $2.8 trillion between 2020 and 2030 to effectively tackle climate change and meet its commitments under the Paris Agreement.
A new report policy analysis by Harrison Rehoboth Consulting, states that the continent needs about $277 billion annually to fund climate adaptation and mitigation projects.
The investment is aimed at reducing the impact of floods, droughts, desertification, and other environmental challenges threatening livelihoods across the region.
Femi Sekoni, spokesperson for Harrison Rehoboth Consulting, said the funding is critical to strengthen infrastructure, protect vulnerable communities, improve food security, expand renewable energy, and support a transition to cleaner, more sustainable economies.
Despite the growing climate crisis, the report notes that Africa remains heavily dependent on foreign sources for climate financing. Domestic investors contribute only a small portion of available funds.
Local institutions including banks, pension funds, insurance firms, and private investors account for roughly 10% of climate finance flowing into the continent. International organisations and development partners provide the larger share.
Uneven distribution and structural barriers
Climate financing across Africa remains unevenly distributed. Countries with stronger financial systems and investment structures—South Africa, Egypt, Nigeria, Morocco, and Kenya—attract a significant percentage of available funding.
Many other African countries facing severe climate threats struggle to attract large-scale investment.
The report cites weak institutions, limited project preparation capacity, policy uncertainties, and concerns over investment risk as key barriers.
The analysis also raises concerns about the structure of climate financing available to African countries.
A large portion comes in the form of loans rather than grants or concessional financing, which could worsen debt burdens for nations already facing rising debt-servicing obligations and economic pressure.
Climate adaptation projects such as flood control systems, drought resilience programmes, and coastal protection infrastructure often provide social and environmental benefits but generate little direct revenue.
This makes loan repayment difficult for governments.
The report notes that rising debt levels have fueled global discussions around climate justice and the need for wealthier nations to provide more grant-based support to vulnerable countries facing the harsh effects of climate change.
The report acknowledges efforts by institutions such as the African Development Bank and some African countries, including Rwanda, Kenya, Senegal, Egypt, and South Africa, to expand climate investment initiatives and develop financing frameworks capable of attracting private investors.
However, Harrison Rehoboth Consulting stresses that Africa’s climate finance gap cannot be closed through international promises alone.
It calls for stronger domestic financial systems, improved governance, better project planning, and reforms in global financial institutions to make climate funding more accessible.
Key recommendations include: increasing concessional financing and grants for adaptation projects; improving collaboration between governments and private investors; strengthening policies that encourage long-term investment in climate and infrastructure projects; and building domestic financial capacity to reduce over-reliance on external funding.
The report concludes that closing Africa’s climate finance gap will require coordinated action at national, regional, and global levels to ensure funding reaches the countries and communities most exposed to climate risk.
News
Obi meets S’African leaders over xenophobic attacks on Nigerians
Presidential aspirant in the Nigerian Democratic Congress (NDC), Peter Obi, has intensified efforts to protect Nigerians in South Africa following new reports of xenophobic attacks and rising depression among victims.
Obi made his involvement public in a Facebook post on Saturday, detailing a series of high-level meetings with South African government officials and political party leaders.
“After speaking with Nigerians in Cape Town yesterday, I was able to have meaningful discussions this morning with three South African ministers and political party leaders regarding the ongoing challenges related to immigration, regional collaboration, and fostering peaceful coexistence,” Obi wrote.
He revealed that he met with Mr. Leon Schreiber, South Africa’s Minister of Home Affairs and a prominent figure in the Democratic Alliance; Mr. Velenkosini Hlabisa, Minister of Cooperative Governance and Traditional Affairs and leader of the Inkatha Freedom Party (IFP); and Mr. Gayton McKenzie, Minister of Sports, Arts and Culture and leader of the Patriotic Alliance (PA).
Obi described the conversations as “productive and candid,” with a focus on migration, economic strains, youth unemployment, security issues, and rising tensions faced by African foreigners in South Africa.
He emphasised that Nigeria and South Africa—as two of the continent’s most prominent nations—must enhance dialogue and seek solutions based on justice, mutual respect, and the rule of law.
“In challenging times, leaders and citizens alike need to demonstrate responsible leadership, compassion, and restraint,” he said.
The discussions also stressed the importance of law-abiding behavior, avoiding violence, resisting hate or provocation, and allowing lawful institutions to address grievances through democratic processes.
“The progress of Africa hinges on our ability to create unity, foster economic inclusivity, invest in our communities, and uphold the dignity of every African, no matter where they live,” Obi added.
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