Court Orders Binance to Provide Data on Nigerian Traders to EFCC
A Federal High Court in Abuja has granted an interim order requiring Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data of all Nigerian traders on its platform. This order aims to assist the anti-graft agency in investigating alleged money laundering and terrorism financing activities on the cryptocurrency exchange platform.
The order, granted by Justice Emeka Nwite, followed an ex-parte motion moved by the EFCC’s lawyer, Ekele Iheanacho. It directs Binance to provide the commission with data of all persons from Nigeria trading on its platform.
According to the EFCC, the investigation into Binance’s activities began after receiving intelligence regarding nefarious activities, including market manipulation causing the devaluation of the Naira against other currencies. The platform’s total trading volume from Nigeria in 2023 was reported to be $21.6 billion.
The EFCC emphasized that the data provided by Binance would enable them to conduct a thorough investigation and ensure that justice is served. Refusal to comply with the order could significantly impede the commission’s investigation.
Binance is a cryptocurrency exchange platform that lists over 350 cryptocurrencies globally and offers various services for users and blockchain developers.
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