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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.

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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?”

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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.

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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.”

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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.

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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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Edo guber: LP’s Akpata remains a front runner, set to capture Edo

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By Kayode Sanni-Arewa

Less than twenty-four hours to the start of voting in Saturday’s governorship poll in Edo State, a rash of fake news has broken out.

Leading parties in the election have had their fair shares of fake news either indicating the withdrawal of their candidates or disqualification by a Magistrate Court or Supreme Court.

For instance, Olumide Akpata of LP was said to have withdrawn from the race and thrown his support for Asue Ighodalo in a statement that read smoothly and appeared convincing.

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THE CONCLAVE sent the statement to Akpata via WhatsApp for confirmed.

He responded by sending the same statement with FAKE NEWS boldly stamped on it.
He said he was set for victory at the poll.

There was also a news flash about the Supreme Court disqualifying Asue Ighodalo of the Peoples Democratic Party, with a sign off: More details coming….

A Magistrate Court in Abuja was also reported to have disqualified Monday Okpebholo of the APC from the poll on account of age falsification.

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The APC campaign organisation had swiftly put a lie to the report by deploying the court papers in the circumstance.

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Guber poll :PDP govs storm Edo to support Ighodalo

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By Kayode Sanni-Arewa

Barely 24hours to governorship election in Edo State, no fewer than two governors elected on the platform of Peoples Democratic Party (PDP) on Friday arrived Benin City.

The governors, Ahmadu Fintiri of Adamawa and Kefas Agbu of Taraba, arrived the state to mobilise support for the party’s candidate, Asue Ighodalo.

Fintiri made this known in a post on his social media page on Friday evening.

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He said : “Just touched down in Edo State alongside my brother, Gov. Agbu Kefas, ahead of the September 21st gubernatorial election. We stand united in support of our Official PDP Nigeria candidate, Asue ighodalo, for a brighter future.”

Edo governor, Godwin Obaseki, who is the PDP leader in the state, had earlier cried out over alleged plot by the All Progressives Congress to rig the election.

As at the time of filling this report, it was unclear if other PDP governors would also hit the state for the election

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Speed Darlington taunt Burna Boy about his grammy award (+Video)

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……. As Speed Darlington queries Afrobeats singer, Burna Boy over his Grammy win.

By Ojomah Austin.

 

Controversial Nigerian rapper, Speed Darlington has sparked controversy with his claims that Burna Boy’s Grammy Award win can be attributed to the influential role of American rapper and entrepreneur, P. Diddy.

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Amid allegations against US rapper, P.Diddy, resulting in his arrest, Speed Darlington suggested that Burna Boy had an intimate relationship with Diddy which paved the way for him to win the Grammy.

Speed Darlington’s bold and contentious assertion comes amidst recent allegations surrounding Diddy, who was reportedly arrested by the Federal Bureau of Investigation (FBI) on charges of human trafficking and racketeering conspiracy.

In a provocative Instagram video, Speed Darlington credited Diddy for Burna Boy’s rapid ascent to international fame and Grammy success, highlighting the American rapper’s significant impact on Burna Boy’s music career.

Speed Darlington openly challenged Burna Boy to disclose the nature of his relationship with Diddy. Suggesting an amorous relationship between the duo, he blatantly asked Burna Boy to reveal how many bottles of oil Diddy used on his buttocks before he was able to win a Grammy.

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In his words:

“It wasn’t long after Burna Boy posted a photo of him and Diddy that he won a Grammy Award. Burna Boy, don’t be offended, but how many oils did Diddy use on your nyash before they gave you the Grammy Award?”.

In response to Speed Darlington’s video, One @oluchukwu_____ wrote: “Akpis confidence need to be studied 😂😂.”

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vibe_with_fiona wrote: “When burna comes for him,make una no say burna too do o?”

godson_allsom wrote: “If there is Grammy for comedians 😂 akpi for done win like 10.”

official_kahlan wrote: “Presido I don tire to defend you 😂 ga zu ike 🙄.”

asikosharon50 wrote: “Very anyhow talk, Burnaboy won Grammy for his hard work and talent . If na Diddy dey share Grammy why him own Artist for him label nor dey win the Grammy? Na him be say Tems dey and wizkid sef they nick people dem work with naa, useless talk …”

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jaytee_yna wrote: “I’m a big fan of Akpi but this is so irrelevant and irresponsible. Burna’s hardwork & God’s grace gave him the Grammy. Okbye!”

lorah_irez wrote: “If person never bèat akpi he no go rest, wetin be this na 😂😂😂.”

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