International
Binance founder bags jail term in US
Binance founder bags jail term in US
The founder of cryptocurrency startup Binance was sentenced to four months in US prison on Tuesday after pleading guilty to money laundering charges in the most high-profile crypto case since Sam Bankman-Fried’s arrest.
Changpeng Zhao, a Canadian, resigned from his position at the world’s largest cryptocurrency exchange platform late last year as part of a settlement with US authorities.
According to two Treasury investigations, Binance failed to prohibit transactions by movements including the Islamic State, al-Qaeda, and Hamas’ military wing.
Zhao pleaded guilty to breaking US anti-money laundering laws, and Binance agreed in February to pay $4.3 billion to settle the accusations.
According to a court file, prosecutors requested that the judge sentence the defendant to three years in prison for a crime that generally results in probation.
“He made a business decision that violating US law was the best way to attract users, build his company, and line his pockets,” Justice Department lawyers said of Zhao in a sentencing memorandum.
“The sentence in this case will not just send a message to Zhao but also to the world.”
READ ALSO:
- 23 killed in violent clashes over cattle in South Sudan
- U.S. Court fines Trump $9,000 for violating gag order
- FG set to repatriate 20,000 Nigerians from Chad, Cameroon
Zhao’s attorneys replied in a filing that being sentenced to probation is equitable, appropriate, and consistent with legal history.
They emphasised Zhao’s acceptance of responsibility and his altruistic track record.
“I made mistakes, and I must take responsibility,” Zhao, who lives in the United Arab Emirates, said in a post on X, formerly Twitter, in November.
He has resided in the United States since that time.
Binance was founded in 2017 and quickly dominated the cryptocurrency trading market, propelling its creator and CEO, Zhao, to billionaire status.
While Binance was created in China, Zhao expanded its operations overseas following Beijing’s crackdown on the cryptocurrency sector.
Binance operates cryptocurrency exchanges and offers other services around the world, but it suffered a significant setback when crypto markets fell and regulators began investigating the legality of its operations.
The volatile business surged in 2021, with a variety of complex products and celebrity endorsements propelling it to a valuation of more than $3 trillion by 2022.
However, a succession of scandals, notably the November 2022 collapse of Binance’s main rival exchange, FTX, and criminal charges against numerous industry officials, eroded public trust and caused investors to withdraw their funds from the cryptocurrency market.
FTX founder Bankman-Fried received a 25-year prison sentence in March.
The cryptocurrency market has recovered in recent months, thanks in large part to US regulators approving exchange-traded funds (ETFs) in bitcoin, which allow investors to trade the commodity without having a crypto account.
Binance’s new CEO, Richard Teng, told AFP last month that the business has spent hundreds of millions of dollars on compliance and is working closely with regulators.
Binance founder bags jail term in US
International
Moscow attacks Ukraine with drones, missiles
Moscow attacks Ukraine with drones, missiles
Kyiv said Tuesday that Russia had launched a barrage of drones and missiles across Ukraine, conceding that there were successful strikes in the east of the country and near the capital.
Authorities did not elaborate on what had been hit but in the wider Kyiv region, the governor said debris from a downed projectile had damaged a private home and wounded a woman.
Moscow said its forces had used attack drones and precision weapons in a “combined” assault on a military airfield and a munitions production facility, claiming that the targets were struck.
READ ALSO:
- Wanted terrorist commander, Bello Turji, a dead man walking – DHQ
- Court orders forfeiture of $49,700 linked to former INEC official
- DSS arrests activist Shehu Mahdi over post on French military base
The Ukrainian air force said Russia had launched 21 missiles of various types and 40 drones in the barrage, adding that seven missiles and 16 unmanned aerial vehicles were downed.
“As a result of the Russian attack, there were ballistic missile hits in Sumy and Kyiv regions,” the air force said.
Russia has launched aerial attacks on Ukraine at night almost every day since its forces invaded in February 2022, targeting military and civilian infrastructure, too, like energy facilities.
Ukraine has stepped up its own drone and missile attacks inside Russian territory in response, and urged its Western allies to supply more air defence systems.
A Ukrainian drone attack in western Russia caused a fuel spill and fire at an oil depot, a Russian regional governor said earlier Tuesday.
Moscow attacks Ukraine with drones, missiles
International
Catholic priest sentenced to 11 years for criticising his president
Catholic priest sentenced to 11 years for criticising his president
A Catholic priest in Belarus on Monday was convicted on charges of high treason for criticising the government and handed an 11-year sentence, in the first case of politically-driven charges against Catholic clergy since Belarus became independent after the Soviet Union collapsed in 1991.
The conviction and sentencing of Rev. Henrykh Akalatovich comes as Belarusian authorities have intensified their sweeping crackdown on dissent ahead of the Jan. 26 presidential election that is all but certain to hand authoritarian President Alexander Lukashenko a seventh term in office.
The Viasna Human Rights Centre said Akalatovich, 64, rejected the treason charges. The group has listed him among 1,265 political prisoners in the country.
“For the first time since the fall of the Communist regime, a Catholic priest in Belarus was convicted on criminal charges that are levelled against political prisoners,” said Viasna’s representative Pavel Sapelka. “The harsh sentence is intended to intimidate and silence hundreds of other priests ahead of January’s presidential election.”
Akalatovich, who has been in custody since November 2023, was diagnosed with cancer and underwent surgery just before his arrest. The priest from the town of Valozhyn in western Belarus, who was critical of the government in his sermons, has been held incommunicado, with prison officials turning down warm clothing and food sent to him.
Arkatovich is among dozens of clergy — Catholic, Orthodox and Protestant — who have been jailed, silenced or forced into exile for protesting the 2020 election that gave Lukashenko a sixth term. The disputed vote that the opposition and the West said was marred with fraud triggered mass protests,. The authorities then responded with a sweeping crackdown that saw more than 65,000 arrested and thousands beaten by police.
Catholic and Protestant clergy who supported the protests and sheltered demonstrators at their churches were particularly targeted by repressions. Belarusian authorities openly seek to bring the clergy into line, repeatedly summoning them for “preventive” political talks, checking websites and social media, and having security services monitor sermons.
While Orthodox Christians make up about 80% of the population, just under 14% are Catholic and 2% are Protestants.
Lukashenko, who has ruled Belarus for nearly 30 years and describes himself as an “Orthodox atheist,” lashed out at dissident clergy during the 2020 protests, urging them to “do their jobs,” and not fuel unrest.
Lukashenko is one of Russian President Vladimir Putin’s closest allies, allowing Russia to use his country’s territory to send troops into Ukraine in February 2022 and to deploy some of its tactical nuclear weapons in Belarus.
Catholic priest sentenced to 11 years for criticising his president
International
Second South Korea Jeju Air flight suffers landing problem
Second South Korea Jeju Air flight suffers landing problem
A Jeju Air flight from Seoul on Monday was forced to return after encountering a landing gear problem, the airline said, a day after South Korea’s most deadly plane crash.
The Boeing 737-800 involved in the latest incident was the same model as the Jeju Air plane that crashed on Sunday killing 179 people after coming down without its landing gear engaged.
Jeju Air Flight 7C101, which departed Seoul’s Gimpo International Airport for Jeju island “at around 6:37 am, returned to Gimpo at 7:25 am” after a landing gear issue was detected shortly after takeoff, the South Korean airline said.
“Shortly after takeoff, a signal indicating a landing gear issue was detected on the aircraft’s monitoring system,” Song Kyung-hoon, head of the management support office at Jeju Air, told a news conference.
“At 6:57 am, the captain communicated with ground control, and after taking additional measures, the landing gear returned to normal operation. However, the decision was made to return to the airport for a thorough inspection of the aircraft.”
READ ALSO:
- 50% fare slash: Luxury bus owners increase trips as more travellers throng parks
- Abducted 7-year-old girl rescued in Ogun, kidnapper arrested
- ABU Teaching Hospital will begin kidney transplant in 2025 – CMD
Local media reported that 21 passengers chose not to board an alternate flight to Jeju, citing concerns over safety and other reasons.
Jeju Air’s 41 plane fleet includes 39 Boeing 737-800 aircraft.
Seoul said on Monday it would conduct a special inspection of all 101 Boeing 737-800 planes in operation in the country, with US investigators, possibly including from plane manufacturer Boeing, joining the probe into the crash.
“We are reviewing plans to conduct a special inspection on B737-800 aircraft,” said Joo Jong-wan, head of the aviation policy bureau at the South Korean transport ministry.
Joo added that the government plans to “implement rigorous aviation safety inspections in response to the (landing gear) incidents”.
In Sunday’s crash at Muan, the Boeing 737-800 carrying 181 people from Thailand to South Korea made a mayday call and belly-landed before crashing into a barrier and bursting into flames.
Everyone on board Jeju Air Flight 2216 was killed, save two flight attendants pulled from the wreckage.
Second South Korea Jeju Air flight suffers landing problem
-
Politics3 days ago
Gbajabiamila speaks on his rumoured Lagos governorship ambition
-
metro2 days ago
Farotimi to pursue disbarment over arrest, defamation allegations
-
Business2 days ago
Real reason Dangote, NNPC drop petrol price — IPMAN
-
Health2 days ago
ABU Teaching Hospital will begin kidney transplant in 2025 – CMD
-
Sports22 hours ago
Anthony Joshua prostrates before Governor Abiodun during Ogun visit
-
International3 days ago
BREAKING: Plane skids off runway in South Korea, killing at least 120
-
metro3 days ago
El-Rufai accuses Tinubu govt of Yoruba agenda, Reno Omokri reacts
-
metro2 days ago
Nigerian govt urged to intervene in Mozambique post-election violence