Economy
BNB Drops 9% as Binance Founder Quits After Plea Bargain
By Adedapo Adesanya
Binance Coin (BNB) has dropped by 9 per cent after the founder of the world’s largest crypto exchange, Mr Changpeng “CZ” Zhao, resigned from his position as Binance CEO as he pleaded guilty to violating criminal anti-money laundering requirements.
The coin was trading at $235.95 as of press time while Bitcoin (BTC), the world’s largest coin, was 2.3 per cent down at $36,524.77.
The US Justice Department (DOJ) announced a $4.3 billion settlement with Binance, and the exchange appointed a new CEO.
Binance has also pleaded guilty to charges, including conspiring to knowingly conduct an unlicensed money-transmitting business and knowingly and wilfully causing the exportation of services to Iran, the Department of Justice said.
Prosecutors alleged the exchange failed to establish an anti-money laundering programme and wilfully caused violations of US economic sanctions.
The charges alleged Binance failed to register with the US Treasury as a “money transmitting business… in part to prevent” regulators from discovering it facilitated billions of dollars in crypto transactions without implementing appropriate “know your customer” measures.
Binance facilitated transfers between the US and sanctioned jurisdictions including Cuba, Syria, and Iran, the court document said.
The alleged misconduct occurred between at least August 2017 and October 2022, according to court filings.
The deal would allow Mr Zhao to retain his majority stake in Binance, indicating he likely won’t face jail time as part of the plea bargain, and he won’t be allowed to hold an executive position at the company.
However, the plea deal won’t affect pending litigation with the US Securities and Exchange Commission (SEC), as it does not include a settlement for the case it brought against Binance in June.
It was also found that Binance’s policies allowed criminals involved in illicit activities to move “stolen funds” through the exchange.
The US Attroney-General, Merrick Garland alleged the exchange “pretended to comply” with US federal laws by offering paths for certain users to access Binance despite their ties to illicit funds.
The attorney general said the exchange would be subject to monitoring and reporting requirements and required to file suspicious activity reports for past transactions.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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