Court Orders Binance To Share Data With EFCC Amid Allegations Of Terrorism Financing
Binance Holdings Limited has been ordered by a Federal High Court in Abuja to supply detailed information on Nigerian traders on its platform to the Economic and Financial Crimes Commission.
Naloaded News reports that the interim order was granted by Justice Emeka Nwite following his ruling on the ex-parte motion presented by EFCC’s lawyer, Ekele Iheanacho.
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,” Nwite said.
According to the News Agency of Nigeria, an interim order was issued to aid the anti-graft agency in probing allegations of money laundering and terrorism financing against Binance, a cryptocurrency exchange platform.
The ex-parte motion, marked: FHC/ABJ/CS/259/2024, was brought pursuant to Sections 6(b), (h), (I), 7(1), (a)(2), and 38 of the Economic and Financial Crimes Establishment Act, 2004 and Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended) and the inherent powers of the court.
An EFCC operative, Hamma Bello, stated in an affidavit that the commission’s Special Investigation Team received intelligence on alleged money laundering and terrorism financing activities on Binance, a cryptocurrency exchange platform.
Bello said, “That on receipt of the Intelligence, the team began an investigation by conducting surveillance of the activities of the platform.
“That 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.
“That the damage the platform has caused was clearly explained to the operators of the platform and they were requested to delist the Naira and avail the ONSA on the activities of the Nigerians on their platform.
That from the information afforded to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 (twenty one billion, six hundred million dollars).”
Bello emphasized the urgency and public interest of the matter, requesting cooperation for swift investigation to prevent hindrance to their efforts.
