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Court orders crypto giant, Binance to pay $4.3bn for violating US anti-money laundering laws

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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.

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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.

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Super Eagles: Akpabio condemns maltreatment in Libya, calls for stiffer penalties

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By Kayode Sanni-Arewa

The President of the Senate, Senator Godswill Akpabio, CON has condemned in strong terms the nasty treatment of members of the Super Eagles, and its delegation to a return leg of the 2025 African Cup of Nation (AFCON) qualifier in Libya.

Akpabio, in a statement by his Special Adviser on Media and Publicity, Hon. Eseme Eyiboh decried the antics and shameful behaviour of the Libyan officials and authorities saying, “This unfortunate incident is a stark reminder of the disregard for human dignity and the lack of respect for international norms”.

He declared that the reported mistreatment of our players is not only unacceptable but also a breach of the principles of fair play and sportsmanship that underpin international football competitions.

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As the President of the Senate, I stand in solidarity with the Super Eagles, the Nigeria Football Federation (NFF), and the entire Nigerian football community in condemning this unjust treatment. The Nigerian Senate will continue to monitor this situation closely and ensure that the rights and dignity of our citizens are protected. We will not tolerate any form of mistreatment or disrespect towards our nationals, regardless of the circumstances.

We demand a thorough investigation from the Disciplinary Committee of the Confederation of African Football (CAF) and appropriate sanctions to be meted out against those involved.

It is also imperative that the Libyan authorities take immediate action to investigate this incident and ensure that those responsible are held accountable to prevent future occurrences.

We call on the international football community to condemn this unacceptable behaviour and support our demand for justice.

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Just in: AEDC restores power in some parts of Abuja

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By Mario Deepromoter

The power outages Nigerians experienced on Monday evening have been restored in some parts of Abuja Electricity Distribution Company franchise areas.

A check carried out by NAN revealed that places like Deidei, Suleja, Lugbe, Kuje and other areas had their light restored on Tuesday at about 5:15 am.

Customers in the AEDC were told of the disruption in supply, which was attributed to the collapse of the National grid.

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In a statement on its Twitter handle on Monday, the company said that the system collapse occurred at about 6.58 pm.

Be rest assured that we are working with relevant stakeholders to restore power as soon the grid stabilises,” it said.

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Bayero v Sanusi: Court of Appeal fixes new date To hear Kano Emirship dispute

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By Mario Deepromoter

The Court of Appeal in Abuja has set October 17 for the hearing of appeals related to the ongoing emirship tussle in Kano State.

The dispute centres around the appointment of the Emir of Kano, a position that has sparked legal challenges involving several parties.

A three-member panel of justices, led by Justice Mohammed Mustapha, reserved judgment on Monday after listening to submissions from the lawyers involved.

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The two major appeals are filed by Alhaji Aminu Ado Bayero against the Attorney General of Kano State and 10 others, as well as a separate case involving the Kano State House of Assembly versus Alhaji Aminu Babba Dan Agundi and six others.

The hearing will also address a motion to stay the execution of the July 25 judgment concerning the enforcement of fundamental rights.

A Federal High Court in Kano, presided over by Justice Abdullahi Liman, has nullified Governor Abba Yusuf’s decision to depose Emir Ado Bayero and appoint Muhammadu Sanusi II on May 23.

The court also held as “null and void” the Kano Emirate Council (Repeal) Bill, 2024, passed by the Kano State House of Assembly, which voided Bayero’s seat.

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The judge said, “The above action violates the order of this court earlier stated,” adding “The balance of convenience is on the applicant herein (Alhaji Aminu Babba Dan Agundi).”

However , the ruling comes as a Kano State High Court had also restrained Ado Bayero from acting as the emir.

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