In Abuja, a federal high court has mandated Binance Holdings Limited to furnish the Economic and Financial Crimes Commission (EFCC) with comprehensive data on all Nigerian traders using its platform.
Presiding Judge Emeka Nwite granted the ruling on February 29, following an ex parte motion presented by Ekele Iheanacho, the EFCC’s legal representative.
The court order, issued under motion FHC/ABJ/CS/259/2024, was based on provisions from the Economic and Financial Crimes Establishment Act, 2004, and the Money Laundering (Prevention and Prohibition) Act, 2022, alongside the inherent powers of the court.
In the affidavit supporting the motion, Hamma Bello, an EFCC operative, highlighted the investigation initiated by the Special Investigation Team (SIT) following intelligence received regarding illicit activities, including money laundering and terrorism financing, on the Binance platform.
Bello outlined the significant impact of Binance’s operations on market distortions and the depreciation of the Naira.
The EFCC demanded the delisting of the Naira from the platform and requested detailed information on Nigerian users’ activities.
Binance’s response revealed a trading volume of $21.6 billion from Nigeria in 2023 alone, emphasizing the urgency and public interest in the matter.
The EFCC assured the court of conducting a swift and thorough investigation with the provided data.
Bello emphasized that rejecting the application would severely hinder the commission’s inquiry and undermine the pursuit of justice.
