Connect with us

Metro News

Canada fines Binance $4.38m for breach of money laundering laws

Published

on

 

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has fined Binance, a popular cryptocurrency platform, $6 million for violating the country’s money laundering and terrorist financing laws.

 

According to international media, the fine is valued in Canadian dollars, bringing the total amount to USD4.38 million when converted.

 

In a recent statement on its website, FINTRAC said Binance had failed to register as a foreign money services business with the intelligence body.

 

The anti-money laundering agency said the cryptocurrency firm also failed to report large virtual currency transactions worth $10,000 or more.

 

“FINTRAC announced today [Thursday] that it has imposed an administrative monetary penalty on Binance Holdings Limited, also operating as Binance Holdings (IE) Ltd., Binance.com, Binance Global and Binance,” the statement reads.

 

“This foreign money services business was imposed an administrative monetary penalty of $6,002,000 on May 7, 2024 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

See also  BREAKING: Appeal court upholds tribunal judgment sacking Abba Yusuf as Kano governor

 

“Binance Holdings Limited was found to have committed the following administrative violations: Failure to register with FINTRAC as a foreign money services business; and failure to report large virtual currency transactions of $10,000 or more in the course of a single transaction, together with the prescribed information.”

 

Commenting on the matter, Sarah Paquet, director and chief executive officer of FINTRAC, said the country’s anti-money laundering and anti-terrorist financing regime is in place to protect the safety of Canadians and the security of the nation’s economy.

 

“FINTRAC will continue to work with businesses to help them understand and comply with their obligations under the Act. We will also be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”

Adjudged to be the largest cryptocurrency exchange by trading volume, Binance has been the subject of regulatory sanctions in some parts of the world.

See also  Let my husband go, wife of Binance executive asks EFCC to drop charges

 

On April 30, Changpeng Zhao, the founder of Binance, was sentenced to four months in prison for money laundering, unlicensed money transmitting and violations in Seattle, United States (US).

 

According to US officials, Zhao intentionally turned a blind eye to transactions that financed terrorism, the illegal drug trade, and child sex abuse.

 

Earlier in February, a federal judge in the US approved a plea deal by Binance, requiring the cryptocurrency exchange to pay over $4.3 billion in fines and reparations.

 

Binance is also under investigation for illicit operations and foreign exchange (FX) rate manipulation in Nigeria.

 

The firm, and two of its top officials — Nadeem Anjarwalla, Binance’s regional manager for Africa, and Tigran Gambaryan, the company’s head of financial crime compliance — were charged with tax evasion and money laundering by the federal government.

 

The duo were arrested and detained on February 28 — but Anjarwalla escaped from custody in March.

See also  Gunmen abduct worshipper, reverend sister in Imo

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Metro News

Two killed as fuel-laden tanker collides with truck in Lagos

Published

on

By

Two people were confirmed dead following an early morning collision between a fuel-laden tanker and a tipper truck on the Lekki–Epe Expressway, Sangotedo area of Lagos state.

In a statement on Saturday, Margaret Adeseye, controller-general of the Lagos State Fire and Rescue Service, said the accident occurred in the early hours of the day, prompting officers to rush to the scene.

“It was reported that a speeding 20-tonne tipper truck from the Epe end rammed into a stationary 30-tonne gas tanker that failed to pull over from the highway,” the statement reads.

Adeseye said the collision sparked a fire that spread to three warehouses and 10 roadside shops, including a gym and a generator house, before it was eventually brought under control.

She added that a Total petrol filling station, fully loaded with a 33,000-litre PMS tanker, narrowly escaped a major explosion.

“After the blaze was extinguished, three Sienna buses, one Toyota Corolla, and a forklift parked within the affected area were recovered. Tragically, the tipper truck driver and his assistant, both adult males, were burnt beyond recognition, while the gas tanker driver escaped unhurt,” Adeseye said.

See also  Labour shortage: Nigerians, others to benefit as Canada unveils plan to welcome 1.4m migrants by 2025

The agency said that efforts are ongoing to remove the remains of both trucks from the highway, though normal traffic has largely resumed at the scene.

Continue Reading

Metro News

Cocaine trafficking: Court convicts, fines 10 Filipinos $6m

Published

on

By

The federal high court in Lagos has convicted 10 Filipino sailors and their merchant vessel of trafficking 20 kilogrammes of cocaine at the Apapa seaport.

The sailors were arrested by operatives of the National Drug Law Enforcement Agency (NDLEA) in November 2025 at Apapa seaport.

The vessel, MV Nord Bosporus, with registration number 9760110, arrived in Nigeria from Santos in Brazil.

In a statement released on Wednesday, Femi Babafemi, NDLEA spokesperson, said the defendants pleaded guilty to the charges and entered a plea bargain agreement.

The anti-drug agency had disclosed that its officers discovered the “Class A drug” buried under the ship’s cargo on Sunday, November 16, 2025.

The NDLEA arraigned the sailors and the vessel on a four-count charge.

The defendants are Eugene Quinos Corpuz; Mark Joseph Jardiniano; Alexis Navidad Evarrola; Francis Gerard Niones Carpio; Franz Jude Mayran; Mahinay Junniel Lagura; Mario Ganiban Malvar; Hormachuelos Lordito Guivencan; Joshua Emmanuel Hufanda; and Edwin Baltazar Reyes.

See also  Claims of inciting Igbos against FG baseless, Obi replies Umahi

In his judgment, Ayokunle Faji, the trial judge, found the vessel guilty for an offence under section 25 of the NDLEA Act.

The judge ordered the vessel to pay the sum of N100,000 penalty for the offence and a restitution in the sum of N5.3 million to the federal government.

The judge convicted three principal officers of the vessel who are the 2nd, 3rd, and 4th defendants. They were asked to pay N100,000 each and a restitution of $100,000 each to the federal government.

After conviction, the judge ordered the 5th to 11th defendants to pay N100,000 each in addition to a restitution of $50,000 each.

According to the NDLEA, the total money to be paid to the federal government by the vessel and the 10 sailors is $6 million and N1.1million as restitution and penalty.

Reacting to the judgment, Mohammed Buba Marwa, NDLEA chairman, said the conviction of the vessel and its crew members is a “lesson to international drug cartels and their local collaborators that Nigeria’s territorial waters are no longer a playground for the illicit narcotics trade”.

See also  Labour shortage: Nigerians, others to benefit as Canada unveils plan to welcome 1.4m migrants by 2025

“Let this judgment be an unambiguous signal to every shipping line, vessel owner, and sailor worldwide that if you turn your ships into floating warehouses for illicit drugs, you will not only lose your freedom but also your assets,” Marwa said.

“We have moved beyond mere seizures; we are now hitting the syndicates where it hurts most, their pockets and their operational assets.”

Continue Reading

Metro News

VIDEO: Man caught trying to lure child hawker for sex with ₦1,000

Published

on

By

A man has been caught on video while allegedly attempting to lure a young girl hawking avocados with ₦1,000 for sexual purposes.

The unfortunate incident, which surfaced in a viral video, was shared by content creator LordZeus in a post shared on IG on Monday, who confronted the suspect.

When questioned, the man denied the allegation and claimed he was the girl’s father.

But the child contradicted him, stating that he approached her and asked her to follow him to a secluded place so they could “touch body,” promising to give her ₦1,000. She added that when she refused, the man brought out the cash in an attempt to persuade her.

During the confrontation, some bystanders pleaded on behalf of the suspect, claiming he was mentally unstable and alleging that the girl was not the first child he had approached.

Reacting, LordZeus challenged the defence, questioning why alleged mental illness should excuse such behaviour toward a minor.

See also  Buhari destroyed the economy, Nigerians paying for his mistakes – Shehu Sani

He also used the moment to caution parents against sending young girls out to hawk, noting that female child hawkers are often

He wrote, “Parents please, no matter how hard life gets, do not allow your girl child especially underage to hawk on the streets alone. Even If they must hawk, hawk alongside them.

“They are constantly at risk of se*xual harassment, and many of them will never speak up. I’ve hawked before, so I know exactly what life on the street is like.

“Imagine if this man was able to manipulate the little girl with just 1,000 naira , this will be unimaginable.

“Ihe na-eme nu o. Let’s do everything possible to protect our girl children. Their safety and dignity must come first before any other thing. It can only get better ”

See also  BREAKING: Canada lifts travel ban on Nigeria, nine other African countries

:

Continue Reading

Trending News