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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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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Business

Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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