News
Court orders crypto giant, Binance to pay $4.3bn for violating US anti-money laundering laws
By Francesca Hangeior
The world’s biggest cryptocurrency exchange, Binance Holdings Ltd (BHL) has been ordered to pay $4.3 billion for violations of anti-money laundering and sanctions laws in a settlement approved by a United States judge.
On Friday, February 23, US District Judge Richard Jones in Washington state approved a plea agreement between Binance and federal prosecutors, which called for the company to pay a fine of $1.8 billion and forfeiture of $2.5 billion.
“Binance profited from the US financial system without playing by its rules and, as a result, criminals used the exchange to move hundreds of millions of dollars of stolen funds and illicit proceeds,” the government said in its sentencing memorandum.
It also stated that the penalty was the largest ever imposed against a money services business and was “commensurate with the severity of Binance’s criminal conduct.”
As part of a settlement reached in November, Binance chief executive Changpeng Zhao pleaded guilty to violating US anti-money laundering laws and agreed to step down from his position.
Binance was created in 2017 and took over the crypto-trading market, turning Zhao into a billionaire.
Binance operates crypto exchanges and provides other services around the world, but it has taken a severe hit since crypto markets collapsed and regulators began probing the legality of its business.
By Gloria Ikibah
As part of the annual 16 Days of Activism Against Gender-Based Violence, the House of Representatives is set to lead a historic march on Monday, November 25, 2024, in a bold effort to tackle gender-based violence (GBV) in the country.
The march, which begins at 8:00 AM, will see over 1,000 participants, including lawmakers and members of the public walk from the National Assembly to the Nigeria Police Force Headquarters in Abuja. The event will culminate in the submission of a petition to the Inspector General of Police, demanding decisive action against GBV and greater protection for vulnerable groups.
Speaking about the initiative, the Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, PhD., GCON, said, “This march and the activities that follow are not mere gestures but a reflection of our determination to confront gender-based violence head-on. We are committed to building a society where justice, equality, and safety prevail for all Nigerians.”
In a statement by the House Spokesperson, Rep. Akin Rotimi on Saturday in Abuja, he said, “The 10th House of Representatives has reaffirmed its commitment to systemic reforms, collaboration, and accountability in the fight against gender-based violence.
“In addition to the march, the House has outlined key activities in alignment with its Legislative Agenda (2023–2027) to sustain awareness and action throughout the campaign period.
“Sash Demonstration Ceremony – Tuesday, November 26, 2024
“Convergence of State Assembly Speakers – Monday, December 9, 2024. A strategic meeting at the Transcorp Hilton, Abuja, will bring together Speakers of State Houses of Assembly to discuss legislative measures for combating GBV nationwide.
“National Citizens’ Summit and GBV Conference 2024 – Tuesday, December 10, 2024. The summit will focus on constitutional reforms and securing endorsements for gender equality initiatives led by the House of Representatives”.
Naijablitznews.com reports that this year’s 16 Days of Activism aims to galvanise nationwide efforts and inspire collective action to protect human rights, ensure justice, and create a safer, more equitable Nigeria.
President Bola Tinubu has departed Galeao Air force Basa (SBGL) Airport, Rio de Janeiro, Brazil, on Saturday, for Abuja after attending the 19th G20 Leaders Summit in Rio de Janeiro, Brazil.
The President is due to arrive at the Presidential Wing of Nnamdi Azikiwe International Airport, Abuja, at 10.00 p.m. (Nigerian time).
President Tinubu had attended the G20 Leaders summit where he endorsed the global alliance against hunger and poverty, which he said was pivotal.
The President also held bilateral talks with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), who commended his administration’s economic reforms and their positive indicators.
He also presided over the signing of a 2.5 billion dollar Letter of Intent between the Nigerian government and the JBS S.A., a Brazilian company and one of the top three largest meat processing companies in the World.
The president was accompanied in the trip by senior government officials including the minister of foreign affairs yusuf Tuggar, the national security adviser, Nuhu RIBADU and many others.
HoR to Lead March, Launch Initiatives Against Gender-Based Violence
NUJ-FCT Elections: Comrade Ike To Flag-Off Campaign With Free Medical Checks, Treatment
Anambra Police arrest native doctor, one other for armed robbery, kidnapping
Just in: Terrorists ambush military truck, kill all soldiers on board
Nigerian Dancer, Korra Obidi Attacked with acid, stabbed on stage In UK
Meet Rare Gem 16 Years Old Chiaza, CEO of ‘RUN MARKET PLACE’
-
Metro16 hours agoBusinessDay Journalist Finally Regains Freedom From ‘One-Chance’ Kidnappers In Abuja
-
Metro21 hours agoCourt remands 113 foreigners over alleged cybercrime
-
Metro16 hours agoPolice recover stolen SUV after gun duel with robbers in Abuja
-
News22 hours agoFull List: Innoson, Mitsubishi, Dantama , Others – CAC Delists 80,000 Companies
-
Metro22 hours agoGunmen kidnap journalist’s relatives, demand N50m ransom
-
News22 hours agoJapa: We’ve discovered over 10,000 fraudulent foreign student acceptance letters – Canadian Authorities
-
News22 hours agoFG reinstates Ikechebelu and Modebelu as UNIZIK Acting VC and Registrar
-
News16 hours agoFG insists Rivers State funds is intact was never stopped