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The Federal High Court sitting in Abuja has issued an interim order directing Binance Holdings Limited to furnish the Economic and Financial Crimes Commission (EFCC) with comprehensive data about individuals from Nigeria engaged in trading on its platform.
The order, granted by Justice Emeka Nwite, came in response to an ex-parte motion presented by the EFCC’s legal representative, Ekele Iheanacho.
The court ruling, delivered on February 29, mandates Binance to provide detailed information on Nigerian traders using its platform.
This measure aims to aid the EFCC in its investigation into alleged money laundering and terrorism financing activities conducted through the cryptocurrency exchange platform.
The motion, identified as FHC/ABJ/CS/259/2024, was filed under relevant sections of the Economic and Financial Crimes Establishment Act, 2004, the Money Laundering (Prevention and Prohibition) Act, 2022, and the inherent powers of the court.
In an affidavit supporting the motion, Hamma Bello, an EFCC operative attached to the Special Investigation Team (SIT) within the Office of the National Security Adviser (ONSA), disclosed the agency’s receipt of intelligence regarding illicit activities on the Binance platform.
The investigation revealed instances of market manipulation and price distortion, resulting in the devaluation of the Naira against other currencies. Bello cited a total trading volume of $21.6 billion from Nigeria on the platform in 2023 alone.
The affidavit emphasized the urgency of the matter, asserting that the data from Binance is crucial for the EFCC to conduct its investigation effectively.
Binance, a global cryptocurrency exchange hosting over 350 cryptocurrencies, offers various services beyond trading to enhance user experience and support blockchain developers.
The interim order granted by the Federal High Court underscores the commitment of Nigerian authorities to combat financial crimes and ensure accountability within the cryptocurrency space.
