The Federal High Court, Abuja Division, has directed Binance Holdings Limited to provide vital information about Nigerian traders on its platform, as ordered by Justice Emeka Nwite following an ex parte motion filed by the EFCC.
Justice Nwite’s ruling grants an interim order compelling Binance to furnish the EFCC with comprehensive data on Nigerian traders using its platform, citing concerns of money laundering and terrorism financing.
According to the court order, the EFCC is leveraging Sections 6(b), (h), (I), 7(1), (a)(2), and 38 of the Economic and Financial Crimes Establishment Act, 2004, along with Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022, in its pursuit of transparency and accountability in cryptocurrency transactions.
In an affidavit supporting the motion, EFCC operative Hamma Bello revealed the agency’s investigation into alleged nefarious activities, including market manipulation causing currency devaluation. Bello emphasized the urgency of the matter and the necessity of Binance’s cooperation for a swift and thorough investigation.
Binance, a global cryptocurrency exchange hosting over 350 cryptocurrencies, now finds itself under legal scrutiny as authorities strive to maintain financial integrity and combat illicit financial activities within the digital asset realm.
