Court Orders Binance to Provide Details of Its Platform Users from Nigeria to EFCC
A Federal High Court in Abuja has ordered Binance Holding Limited to provide information on those trading on its platform from Nigeria, to the Economic and Financial Crimes Commission (EFCC).
The court on Monday said the cryptocurrency platform should provide comprehensive data to the EFCC.
Justice Emeka Nwite issued an interim order while ruling in an exparte motion filed by EFCC.
An EFCC operatives with the special investigative team in the office of the National Security Adviser, Hamma Bello, said the team had uncovered users on the platform, predicting, confirming and manipulating the foreign exchange market.
He added that information provided by Binance so far shows that the total trading volume from Nigeria on the platform in 2023 amounted to $21 million.
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According to a certified true copy of the ruling, which was delivered on February 29 but sighted by journalists on Monday, Justice Emeka Nwite granted the interim order.
Nwite said, The applicant’s application dated and filed 29th February 2024 is hereby granted as prayed.
That an order of this honourable court is hereby made directing the operators of Binance to provide the commission with comprehensive data/information relating to all persons from Nigeria trading on its platform.
Binance is an online exchange where users can trade cryptocurrencies.
The Central Bank of Nigeria Governor, Olayemi Cardoso, at a press briefing after the 293rd meeting of the Monetary Policy Committee in Abuja on February, disclosed that more than $26bn was channelled through Binance without traces in the last one year.
Financial Times had on February 28 reported that two executives of the company were arrested and detained after they flew into the country as a result of a ban on their website.
On March 12, 2024, the FT reported that the EFCC asked Binance to share data on its 100 top users in Nigeria as well as all transaction history for the past six months.
According to the report, the request is at the centre of negotiations between Binance and Nigeria.
