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.”
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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
Kemi Badenoch political career may be in danger – Top diplomat
Kemi Badenoch political career may be in danger – Top diplomat
Comments by the Leader of the Opposition in the United Kingdom (UK), Olukemi Olufunto Adegoke Badenoch, have sparked controversy in Nigeria with many outraged over the Leader of the Conservative Party statements which many interpreted as unpatriotic while some rose in her defence.
The British-Nigerian politician, who previously served in the UK Cabinet under Liz Truss and Rishi Sunak from 2022 to 2024, had made remarks that many Nigerians interpreted as offensive.
She replaced the party’s leader and immediate past UK Prime Minister, Rishi Sunak, after winning 57 per cent of party members’ votes to defeat former immigration minister Robert Jenrick.
The election, which saw her emerge as the first Black leader of a UK-wide political party, followed Mr Sunak’s resignation from the position after the party failed in the July general election, which produced Keir Starmer of the Labour Party as the new Prime Minister.
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Her position places her as a potential Prime Minister of the UK.
Speaking with British media recently, Badenoch, who had earlier described her upbringing in Nigeria as being overshadowed by fear and insecurity in a country plagued by corruption, detached herself from Northern Nigeria, which she referred to as a haven for Islamism and Boko Haram.
“I find it interesting that everybody defines me as being Nigerian. I identify less with the country than with the specific ethnicity [Yoruba],” she said.
“I have nothing in common with the people from the north of the country, the Boko Haram where Islamism is.
“Being Yoruba is my true identity, and I refuse to be lumped with northern people of Nigeria, who ‘were our ethnic enemies, all in the name of being called a Nigerian.”
Kemi Badenoch political career may be in danger – Top diplomat
International
Putin apologises over Azerbaijan plane crash reportedly shot down
Putin apologises over Azerbaijan plane crash reportedly shot down
Russia’s President Vladimir Putin has apologised to the president of neighbouring Azerbaijan over the downing of a commercial airliner in Russian airspace, in which 38 people were killed – but stopped short of saying Russia was responsible.
In his first comments on the Christmas Day crash, Putin said the “tragic incident” had occurred when Russian air defence systems were repelling Ukrainian drones.
Ukraine’s President Volodymr Zelensky said Russia must “stop spreading disinformation” about the strike.
The plane is believed to have come under fire from Russian air defence as it tried to land in the Russian region of Chechnya – forcing it to divert across the Caspian Sea.
The Azerbaijan Airlines jet then crash-landed near Aktau in Kazakhstan, killing 38 of the 67 on board.
Most of the passengers on the flight were from Azerbaijan, with others from Russia, Kazakhstan and Kyrgyzstan.
It is believed most of those who survived were seated in the plane’s rear.
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Flight J2-8243 had been en route from the Azerbaijan capital of Baku to the Chechen capital of Grozny on 25 December when it came under fire and was forced to divert.
The Kremlin released a statement on Saturday noting Putin had spoken to Azerbaijan’s president Ilham Aliyev by phone.
“(President) Vladimir Putin apologised that the tragic incident occurred in Russian airspace and once again expressed his deep and sincere condolences to the families of the victims and wished a speedy recovery to the injured,” it said.
In the rare publicised apology, Putin also acknowledged the plane had repeatedly tried to land at Grozny airport in Chechnya.
At the time, the cities of Grozny, Mozdok and Vladikavkaz were “being attacked by Ukrainian unmanned aerial vehicles, and Russian air defence systems repelled these attacks”, he said.
The Kremlin read-out made no direct admission that the plane had been struck by Russian missiles.
In a statement released a shortly after the Kremlin’s, Ukrainian President Zelensky said the damage to the aircraft’s fuselage was “very reminiscent of an air defence missile strike”, adding that Russia “must provide clear explanations”.
“The key priority now is a thorough investigation that will answer all questions about what really happened.”
Prior to Saturday, the Kremlin had refused to say whether it was involved in the crash with authorities saying they were awaiting investigation results.
But Russian aviation authorities had earlier in the week said the situation in the region was “very complicated” due to Ukrainian drone strikes.
Aviation experts and others in Azerbaijan believe the plane’s GPS systems were affected by electronic jamming and it was then damaged by shrapnel from Russian air defence missile blasts.
Survivors had previously reported hearing loud bangs before the plane crashed, suggesting it had been targeted.
Azerbaijan had not officially accused Russia this week, but the country’s transport minister said the plane was subject to “external interference” and was damaged inside and out as it tried to land.
US defence officials on Friday had also said they believed Russia was responsible for the downing.
Moscow noted that Russian investigators had launched a criminal investigation. Azerbaijan had already announced it would launch an investigation.
The Kremlin said that Azeri, Kazakh and Russian agencies were “working closely at the site of the disaster in Aktau region”.
Even before Putin’s message on Saturday was released, several airlines from Azerbaijan had already begun suspending flights to most Russian cities.
The suspension will remain in place until the investigation into the crash is complete, one airline said.
International
BREAKING: Plane skids off runway in South Korea, killing at least 120
BREAKING: Plane skids off runway in South Korea, killing at least 120
AP – A passenger plane burst into flames Sunday after it skid off a runway at a South Korean airport and slammed into a concrete fence when its front landing gear apparently failed to deploy, killing at least 120 people, officials said, in one of the country’s worst aviation disasters.
The National Fire Agency said rescuers raced to pull people from the Jeju Air passenger plane carrying 181 people at the airport in the town of Muan, about 290 kilometers (180 miles) south of Seoul. The Transport Ministry identified the plane as a 15-year-old Boeing 737-800 jet and said the crash happened at 9:03 a.m. local time.
At least 120 people — 57 women, 54 men and nine others whose genders weren’t immediately identifiable — died in the fire, the South Korea fire agency said. The death toll is expected to rise further as the rest of the people aboard the plane remain missing about six hours after the incident.
Emergency workers pulled out two people, both crew members, to safety, and local health officials said they remain conscious. The fire agency deployed 32 fire trucks and several helicopters to contain the fire, it said.
Footage of the crash aired by YTN television showed the Jeju Air plane skidding across the airstrip, apparently with its landing gear still closed, and colliding head-on with a concrete wall on the outskirts of the facility. Other local TV stations aired footage showing thick pillows of black smoke billowing from the plane engulfed with flames.
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Lee Jeong-hyeon, chief of the Muan fire station, told a televised briefing that rescue workers are continuing to search for bodies scattered by the crash impact. The plane was completely destroyed, with only the tail assembly remaining recognizable among the wreckage, he said.
Workers were looking into various possibilities about what caused the crash, including whether the aircraft was struck by birds that caused mechanical problems, Lee said. Senior Transport Ministry official Joo Jong-wan separately told reporters that government investigators arrived at the site to investigate the cause of the crash and fire.
Emergency officials in Muan said the plane’s landing gear appeared to have malfunctioned. The Transport Ministry said the plane was returning from Bangkok and its passengers include two Thai nationals.
Thailand’s prime minister, Paetongtarn Shinawatra, expressed deep condolences to the families of those affected by the accident through a post on social platform X. Paetongtarn said she had ordered the Ministry of Foreign Affairs to provide assistance immediately.
Kerati Kijmanawat, the director of the Airports of Thailand, confirmed in a statement that Jeju Air flight 7C 2216 departed from Suvarnabhumi Airport with no reports of abnormal conditions in the airspace or on the runway.
Jeju Air in a statement expressed its “deep apology” over the crash and said it will do its “utmost to manage the aftermath of the accident.”
In a televised news conference, Kim E-bae, Jeju Air’s president, deeply bowed with other senior company officials as he apologized to bereaved families and said he feels “full responsibility” for the incident. Kim said the company hadn’t identified any mechanical problems in the aircraft following regular checkups and that he would wait for the results of government investigations into the cause of the incident.
Boeing said in a statement on X that it was in contact with Jeju Air and is ready to support the company in dealing with the crash.
“We extend our deepest condolences to the families who lost loved ones, and our thoughts remain with the passengers and crew,” Boeing said.
It’s one of the deadliest disasters in South Korea’s aviation history. The last time South Korea suffered a large-scale air disaster was in 1997, when a Korean Airline plane crashed in Guam, killing 228 people on board. In 2013, an Asiana Airlines plane crash-landed in San Francisco, killing three and injuring approximately 200.
Sunday’s accident was also one of the worst landing mishaps since a July 2007 crash that killed all 187 people on board and 12 others on the ground when an Airbus A320 slid off a slick airstrip in Sao Paulo and collided with a nearby building, according to data compiled by the Flight Safety Foundation, a nonprofit group aimed at improving air safety. In 2010, 158 people died when an Air India Express aircraft overshot a runway in Mangalore, India, and plummeted into a gorge before erupting into flames, according to the safety foundation.
The incident came as South Korea is embroiled into a huge political crisis triggered by President Yoon Suk Yeol’s stunning imposition of martial law and ensuing impeachment. Last Friday, South Korean lawmakers impeached acting President Han Duck-soo and suspended his duties, leading Deputy Prime Minister Choi Sang-mok to take over.
BREAKING: Plane skids off runway in South Korea, killing at least 120
AP
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