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India Fines Binance $2.25m for Violating Anti-Money Laundering Rules Amid Global Scrutiny

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India’s Financial Intelligence Unit (FIU) has imposed a fine of 188.2 million rupees ($2.25 million) on Binance, the world’s largest crypto exchange, for operating in the country in violation of local anti-money laundering regulations.

The FIU’s action comes amidst ongoing legal battles for similar charges in Nigeria, including allegations of tax evasion by the Federal Inland Revenue Service (FIRS).

In India, virtual digital asset service providers such as crypto exchanges must register with the FIU as reporting entities and comply with stringent anti-money laundering laws. Binance had registered with the FIU in May to resume operations in compliance after the watchdog issued show-cause notices to nine offshore exchanges breaching local rules.

However, despite its registration, Binance allegedly violated three sections of India’s Prevention of Money Laundering Act (PMLA) 2002. The FIU issued a notice on December 28, 2023, requiring Binance to explain its non-compliance despite being a registered entity.

“After reviewing Binance’s submissions, the Director of FIU-IND found the charges substantiated based on available evidence,” stated the FIU. Consequently, on June 19, 2024, the FIU imposed a penalty of Rs. 18,82,00,000 under Section 13 of the PMLA.

Meanwhile, in Nigeria, authorities have accused Binance of influencing foreign exchange rates, leading to increased scrutiny of crypto trading platforms. Earlier in the year, two senior Binance executives were detained over tax evasion allegations by the FIRS. Although one executive was discharged recently, the FIRS has amended charges against them with Binance as the sole defendant.

Separately, the Economic and Financial Crimes Commission (EFCC) is prosecuting Binance and its executives for alleged money laundering and foreign exchange contraventions in Nigeria.

These legal challenges highlight growing regulatory pressures on global crypto exchanges, signaling heightened oversight in major markets like India and Nigeria.

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Telecom Operators Reject NLC’s Demand for Tariff Reduction, Justify 50% Hike

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By Emmanuel Ogbodo

Nigeria’s Mobile Network Operators (MNOs) have rejected calls from the Nigeria Labour Congress (NLC) to negotiate a reduction in the recent 50% tariff increase, insisting the hike is necessary for the industry’s sustainability amid rising operational costs.

The NLC, opposing the adjustment, has demanded a rollback to 5% and threatened a nationwide protest on Tuesday, February 4, if its demands are not met.

The union described the increase as “insensitive and unjustifiable,” warning it would further strain Nigerian consumers.

At a weekend forum in Lagos, representatives from the Association of Licensed Telecommunications Operators of Nigeria (ALTON) and major telecom firms, including MTN Nigeria, Airtel Nigeria, and 9mobile, defended the hike.

ALTON Chairman Gbenga Adebayo likened the increase to a “lifeline” for the industry, arguing that anything lower would cripple operations.

MTN Nigeria’s Chief Corporate Services & Sustainability Officer, Tobechukwu Okigbo, clarified that operators do not engage directly with the NLC, as ALTON manages industry-wide negotiations.

Airtel Nigeria’s Director of Corporate Communications and CSR, Femi Adeniran, added that discussions with labour unions fall under the purview of government agencies and ALTON.

The Nigerian Communications Commission (NCC), which approved the tariff adjustment on January 20, 2025, defended the move, citing inflation, foreign exchange volatility, and rising energy costs.

The commission emphasized that the decision aligns with its mandate under the Nigerian Communications Act, 2003, to ensure telecom sector viability.

Despite these justifications, the NLC remains firm in its opposition. Union President Joe Ajaero reiterated the demand for a significant reduction, warning of nationwide protests if the hike is not reversed.

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Dangote Refinery Reduces Petrol Price to N890 Per Litre

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By Alexis Uchendu

Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre, effective February 1, 2025.

The company attributed the price adjustment to a favorable shift in global energy markets and a decline in international crude oil prices.

This follows a previous price hike on January 19, driven by rising crude costs.

Dangote Refinery expressed optimism that the price cut will lower fuel costs nationwide, ease the cost of living, and positively impact key economic sectors.

The company also urged fuel marketers to reflect the reduction at retail stations, ensuring consumers benefit from the adjustment as part of broader economic recovery efforts led by President Bola Ahmed Tinubu.

Reaffirming its commitment to Nigeria’s self-sufficiency in refined petroleum products, the refinery pledged to strengthen the country’s position as a leading oil export hub in Africa.

 

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Naira Gains Against Dollar Amid CBN Reforms

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By Adenike Lawal

The Naira appreciated by 0.78% at the official market on Wednesday, trading at N1,510.72 per dollar, an N11.96 gain from the previous day’s rate of N1,522.68, according to FMDQ Securities Exchange data.

Since December 2024, the Naira has remained relatively stable, largely due to ongoing reforms by the Central Bank of Nigeria (CBN).

On Tuesday, the apex bank introduced additional measures, including a waiver on the 2025 annual license renewal fee for Bureau De Change (BDC), operators and the launch of the Nigeria Foreign Exchange (FX), Code to enhance transparency in forex transactions.

Dr. Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), praised the CBN’s initiatives, urging continued support for policies that strengthen the local currency.

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