A Federal High Court in Abuja has mandated Binance Holdings Limited to furnish the Economic and Financial Crimes Commission (EFCC) with comprehensive data of Nigerian traders on its platform. Presiding judge Emeka Nwite granted the order on February 29, in response to an ex parte motion filed by Ekele Iheanacho, the EFCC’s lawyer.
The court’s decision, stemming from motion FHC/ABJ/CS/259/2024, cited various legal provisions, including sections of the Economic and Financial Crimes Establishment Act and the Money Laundering (Prevention and Prohibition) Act. According to an affidavit by EFCC operative Hamma Bello, the investigation into Binance was prompted by intelligence suggesting illicit activities, including money laundering and terrorism financing.
The EFCC’s scrutiny revealed extensive market manipulation on the platform, contributing to the devaluation of the Naira against other currencies. Bello highlighted that Binance’s trading volume from Nigeria in 2023 alone amounted to $21.6 billion. The urgency of the matter, coupled with the public interest, underscored the necessity of obtaining the requested data to facilitate a thorough investigation, Bello asserted.
This judicial directive signifies a proactive stance in tackling financial crimes within the cryptocurrency sphere, reinforcing regulatory efforts to maintain market integrity and combat illicit activities.
