The Federal High Court in Abuja has granted an interim order mandating Binance Holdings Limited to furnish the Economic and Financial Crimes Commission (EFCC) with comprehensive data on all Nigerian traders operating on its platform.
Justice Emeka Nwite issued the order following an ex-parte motion filed by the EFCC’s lawyer, Ekele Iheanacho, seeking to investigate alleged money laundering and terrorism financing activities on the cryptocurrency exchange platform.
In the ruling delivered on February 29, the court directed Binance to provide the EFCC with detailed information on individuals from Nigeria engaged in trading activities on its platform.
The interim order was granted to facilitate the EFCC’s efforts in uncovering potential illicit financial transactions and terrorism financing linked to Binance.
According to a certified true copy of the ruling seen by the News Agency of Nigeria (NAN), the ex-parte motion was filed pursuant to relevant sections of the Economic and Financial Crimes Establishment Act and the Money Laundering (Prevention and Prohibition) Act.
In an affidavit supporting the motion, EFCC operative Hamma Bello highlighted the agency’s investigation into the platform’s activities following intelligence reports of nefarious practices.
Bello stated that the EFCC’s Special Investigation Team, in collaboration with the Office of the National Security Adviser (ONSA), commenced surveillance of Binance due to concerns over market manipulation and currency destabilization.
The affidavit revealed that Binance had recorded a trading volume of $21.6 billion from Nigerian users in 2023 alone, raising suspicions of illicit financial activities.
The EFCC emphasized the urgency and public interest nature of the investigation, asserting that access to Binance’s data was crucial for its investigative activities.
Bello argued that denial of the EFCC’s request would impede the investigation and hinder efforts to combat financial crimes effectively.
