The Economic and Financial Crimes Commission (EFCC) has secured a court order compelling Binance Holdings Limited to provide comprehensive data on Nigerian traders using its platform.
Justice Emeka Nwite granted the interim order following a motion presented by EFCC’s lawyer, Ekele Iheanacho.
According to Nwite, “The applicant’s request dated 29th February, 2024, is approved as requested.
“This court orders Binance to furnish the commission with detailed data/information about Nigerian traders on its platform,” Nwite stated.
The granting of the interim order aims to assist the anti-graft agency in investigating allegations of money laundering and terrorism financing involving Binance, a cryptocurrency exchange platform, as reported by the News Agency of Nigeria.
The ruling, issued on February 29, was made in response to an ex-parte motion, identified as FHC/ABJ/CS/259/2024, citing relevant sections of the Economic and Financial Crimes Establishment Act, 2004, the Money Laundering (Prevention and Prohibition) Act, 2022, and the court’s inherent powers.
In an affidavit supporting the motion sworn by EFCC operative Hamma Bello, it was revealed that the Special Investigation Team (SIT) of the EFCC, under the National Security Adviser’s Office, had received intelligence on illicit activities on Binance.
The investigation, prompted by reports of market manipulation and currency destabilization, uncovered substantial trading volumes from Nigeria in 2023, amounting to $21.6 billion.
Bello stressed the urgency and public interest nature of the case, emphasizing the importance of the data in expediting investigative activities.
The prompt sharing of information, he argued, is crucial for the effective conduct of the commission’s inquiry.
