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India Fines Binance $2.25m Amid Ongoing Trial In Nigeria
Binance has been hit with a fine of 188.2 million rupees ($2.25 million) by India’s Financial Intelligence Unit (FIU) as the crypto exchange firm battles for its reputation in an ongoing court trial in Nigeria.
In India, virtual digital asset service providers like crypto exchanges are required to be registered with the FIU as a reporting entity and comply with its anti-money laundering rules.
In May, Binance had registered with the FIU as the exchange sought to resume operations in the country after the watchdog issued show-cause notices to nine offshore exchanges operating in violation of local rules.
A document titled ‘Order in original No. 10/DIR/FIU-IND/2024 in the matter of Binance u/s Section 13 dated 19.06.2024’, obtained by Channels Television on Thursday, India’s Financial Intelligence Unit (FIU) said the fine was for violating its money laundering law.
The Indian Authority said Binance as a registered entity in the country, has violated three sections of the country’s Prevention of Money Laundering Act (PMLA), 2002.
“Consequently, due to Binance’s ongoing provision of services to Indian clients and operations within India without adhering to its statutory obligations under the PMLA a Notice dated December 28, 2023, was issued to Binance pursuant to Section 13 of the Act, compelling Binance to demonstrate why appropriate action should not be undertaken against it for its dereliction of duties under the Act, despite its status as a Reporting Entity owing to its operations as a Virtual Digital Asset Service Provider (VDA SP),” India’s FIU said.
“After considering the written and oral submissions of the Binance, Director, FIU-IND, based on the material available on record, found that the charges against Binance were substantiated. Consequently, the Director FIU-IND vide order dated 19th June 2024 in the exercise of powers under Section 13 PMLA, imposed a total penalty of Rs. 18,82,00,000 (Rupees Eighteen Crore Eighty Two Lakh Only) on the Binance with reference to the following violations committed by the Binance: Contravention of Section 12(1), PMLA rw Rules 7(1), PML Rules (i) Contravention of Section 12(1), PMLA rw Rules 3(1)(D) and 7(3), PML Rules () Contravention of Section 12(1), PMLA r’w Rule 8(2) PML Rules
“Furthermore, specific directions have also been issued to Binance to ensure diligent compliance with the obligations outlined in Chapter IV of the Prevention of Money Laundering Act (PMLA) of 2002, in conjunction with the PMLA Maintenance of Record Rules (PMLA Rules) of 2005 for the prevention of money laundering activities and combating the financing of terrorism (AMLCFT).”
This is as Nigeria’s Federal Inland Revenue Service (FIRS), has filed a case of tax evasion against the company.
The Economic and Financial Crimes Commission (EFCC) has also accused it of laundering more than $35m through its platform.
The Federal Government recently accused the cryptocurrency exchange of influencing foreign exchange (FX) rates, leading to stricter oversight of crypto trading platforms.
In February, it detained two senior Binance executives: Nadeem Anjarwalla, a 37-year-old British-Kenyan who serves as the regional manager for Africa, and Tigran Gambaryan, a 39-year-old American who is the head of financial crime compliance at Binance.
Following the Federal Government’s ban on cryptocurrency channels and as part of a campaign against currency speculation, the Binance executives visited Nigeria for a meeting.
Although the Federal High Court last week discharged Gambaryan and fleeing Anjarwalla from the Federal Inland Revenue Service (FIRS) tax evasion case against Binance, the FIRS has filed amendment charges against them with Binance as the sole defendant.
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#OndoDecides2024: APC congratulates Aiyedatiwa, applauds Ondo electorate
By Francesca Hangeior
The All Progressives Congress has congratulated the Ondo State Governor, Lucky Orimisan Aiyedatiwa, on his re-election in the just-concluded governorship election.
Aiyedatiwa won the election, having polled a total of 366,781 votes across all 18 Local Government Areas of the state.
He defeated his closest rival — Agboola Ajayi of the Peoples Democratic Party, who got 117,845 votes.
In a statement issued by the APC National Publicity Secretary, Felix Morka, on Sunday, and made available to PUNCH Online, the party described Aiyedatiwa as a “clear attestation” that his administration’s policies “resonated deeply with the electorate.”
The statement read, “The All Progressives Congress (APC) heartily congratulates the Governor of Ondo State, His Excellency, Lucky Orimisan Aiyedatiwa, on his re-election.
“Your Excellency’s resounding victory in the just-concluded Ondo State gubernatorial election is a clear attestation that your administration’s policies and programmes and campaign message of hope and consolidation have resonated deeply with the electorate.
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NiDCOM rescues 13 trafficked Nigerian women from Ghana
*** says 163 victims saved between July, November
By Francesca Hangeior
The Nigerian in Diaspora Commission, NiDCOM, has successfully facilitated the rescue and repatriation of 13 trafficked Nigerian women from Ghana, bringing the total number of victims returned over the past five months to 163.
This was revealed in a statement by Abdur-Rahman Balogun, NiDCOM’s Director of Media, Public Relations, and Protocols.
The operation, executed through collaborative efforts, involved the Ghanaian Anti-Human Trafficking Police Unit, Rescue Live Foundation International, NIDO Ghana, and NiDCOM.
The latest group of rescued women, aged 19 to 30 years, hails from Ebonyi, Benue, Kaduna, and Rivers States.
It was gathered that they were lured to Ghana under false pretenses of employment but were subjected to exploitative conditions and coerced into secrecy oaths while their traffickers profited from their ordeal.
NiDCOM’s Chairman/CEO, Hon. Abike Dabiri-Erewa, expressed her gratitude to key supporters, including Nigeria’s First Lady, Senator Oluremi Tinubu, and Ebonyi State Governor, Francis Nwifuru, for their roles in ensuring the safe return of the victims.
She also praised Chief Callistus Elozieuwa, BOT Chairman of Rescue Live Foundation International/NIDO Ghana, and the Ghanaian Anti-Human Trafficking Police Unit for their commitment to prosecuting the traffickers.
Dabiri-Erewa reiterated NiDCOM’s commitment to protecting Nigerians abroad, aligning with President Bola Tinubu’s Renewed Hope Agenda, which prioritizes combating human trafficking and safeguarding citizens’ rights.
Upon arrival in Nigeria, the women were handed over to the National Agency for the Prohibition of Trafficking in Persons, NAPTIP, for rehabilitation and reintegration.
NiDCOM representative Akinboye Akinsola, who accompanied the women, noted that they willingly sought assistance after learning about previous rescue efforts in Ghana’s Kpone Katamanso and Tema regions.
Chief Callistus Elozieuwa highlighted the support provided to the women in Ghana, including temporary shelter, before their return to Nigeria.
Valentine Okike Uzo, Senior Special Assistant to the Governor of Ebonyi State, commended Governor Nwifuru’s dedication to supporting indigenes both at home and abroad. He assured that measures are in place to ensure proper rehabilitation for those returning to Ebonyi State.
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Dabiri-Erewa celebrates Chidimma’s emergence as First Runner up, Miss Universe
By Francesca Hangeior
The Chairman/CEO Nigerians in Diaspora Commission (NIDCOM) Hon. Abike Dabiri-Erewa, has congratulated Nigeria’s Chidimma Adetshina for emerging second at Miss Universe 2024, describing it as a reward for her doggedness and resilience.
In a congratulatory statement issued by Abdur-Rahman Balogun, Director of Media, Public Relations and Protocols of the Commission, the NIDCOM boss was excited that despite all odds, Chidimma remained focused and attained her goals.
Dabiri-Erewa said though Chidimma Adetshina as Nigeria’s representative, finished as the first runner-up at the 73rd Miss Universe Competition held in Mexico, her courage, determination and support from Nigeria eventually paid off. She was also named Miss Africa and Oceania 2024.
Dabiri-Erewa recalled Adetshina’s controversial official withdrawal from the Miss South Africa 2024 contest, of which she had advanced to the final stage ,some few months back, noting that Nigeria warmly welcomed her, after being literally forced out of South Africa.
While in Nigeria, accompanied by President Silverbird group, Mr Guy Murray Bruce, Chidinma was warmly received at the NIDCOM Lagos office, and thereafter hosted to a grand reception at Idris Olorunnibe’s “The Temple,” Victoria Island ,with music legend, Dbanj in attendance.
Describing her as brilliant, focussed and determined, she urged others to emulate the spirit of Nigerianess in Chidimma by being proud of the country and not run it down under whatever guise.
The competition, described as one of the most thrilling in recent years, celebrated the talents, intelligence, and elegance of women from around the globe.
Nigeria came second behind Miss Denmark, Victoria Kjaer Theilvig, who won the keenly contested crown from Miss Universe 2023, Sheynnis Palacios of Nicaragua.
It will be recalled that Chidimma was rejected by South Africa who expressed worries and questioned her nationality.
Due to that, Adetshina came to Nigeria to represent Taraba State and won the title of Miss Universe Nigeria.organised by the Silverbird group.
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