Rédaction Africa Links 24 with Ibrahim Ramalan
Published on 2024-03-18 09:30:30
The Federal High Court in Abuja has issued an order for Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data on all individuals trading from Nigeria on its platform. This interim order was granted by Justice Emeka Nwite after ruling on an ex-parte motion presented by the EFCC’s lawyer, Ekele Iheanacho.
The court directed Binance to provide the EFCC with detailed data and information regarding Nigerian traders on its platform. This order was made to assist the anti-graft agency in investigating alleged money laundering and terrorism financing activities on Binance.
The ruling, delivered on February 29, was made in response to an ex-parte motion filed under specific sections of the Economic and Financial Crimes Establishment Act and the Money Laundering (Prevention and Prohibition) Act, as well as the inherent powers of the court.
The affidavit supporting the motion, sworn by EFCC operative Hamma Bello, stated that the EFCC’s Special Investigation Team received intelligence about suspicious activities, including money laundering and terrorism financing, on the Binance platform. Following this intelligence, the team conducted surveillance and discovered users engaging in activities that caused market distortions and devaluation of the Naira against other currencies.
The affidavit also revealed that the total trading volume from Nigeria on Binance in 2023 was $21.6 billion. Binance was requested to delist the Naira and provide information on Nigerian users, but the platform failed to fully cooperate, leading to the court order.
Binance is a global cryptocurrency exchange listing over 350 cryptocurrencies and providing various services for users and developers. The EFCC believes that obtaining the requested data will assist in its investigation and serve the public interest. Failure to comply with the order would impede the commission’s efforts to uncover financial crimes.
In conclusion, the court’s decision to compel Binance to provide data on Nigerian traders is a significant development in the fight against financial crimes in the country. By cooperating with the EFCC, Binance can contribute to maintaining the integrity of the financial system and preventing illicit activities on its platform.
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