A Federal High Court sitting in Abuja has ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive information on all persons from Nigeria trading on the platform.
According to media reports, the Court handed down the order in an ex-parte motion filed by the EFCC demanding information about Nigerians trading on Binance.
In an affidavit in support of the motion deposed by an operative of the EFCC, Hamma Bello, he stated that the Special Investigation Team of the Commission domiciled in the Office of the National Security Adviser received intelligence that money laundering and terrorism financing was carried out on Binance.
He said, “The Special Investigation Team of the commission domiciled in the Office of the National Security Adviser received an intelligence stating the nefarious activities (money laundering and terrorism financing) on Binance, a cryptocurrency exchange platform.
“That on receipt of the intelligence, the team began an investigation by conducting surveillance of the activities of the platform.
“The team uncovered users who have been using the platform for price discovery, confirmation, and market manipulation, which has caused tremendous distortions in the market, resulting in the Naira losing its value against other currencies.”
Bello also said the team uncovered some users whose activities on Binance resulted in the country’s currency losing its value against other currencies.
He stated that the requested data would help the commission complete its investigation.
