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Justice Emeka Nwite of the Federal High Court in Abuja has issued an order mandating Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data regarding all Nigerian users trading on its platform.
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The interim order was granted in response to a lawsuit filed by the Economic and Financial Crimes Commission, identified as FHC/ABJ/CS/259/2024, dated February 29. The suit was brought under various sections of the Economic and Financial Crimes Establishment Act, 2004, and the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended).
In an affidavit supporting the motion, EFCC operative Hamma Bello stated that the commission’s Special Investigation Team, based in the Office of the National Security Adviser, had received intelligence regarding potential instances of money laundering and terrorism financing on Binance.
The affidavit detailed, “The Special Investigation Team of the commission, stationed in the Office of the National Security Adviser, received intelligence concerning illicit activities (money laundering and terrorism financing) on Binance, a cryptocurrency exchange platform.
“Upon receiving this intelligence, the team initiated an investigation by monitoring the platform’s activities. During the investigation, the team identified users utilizing the platform for purposes such as price discovery, confirmation, and market manipulation, leading to significant market distortions and the devaluation of the Naira against other currencies.”
