Nigerian Court Orders Binance to Provide Trading Data
A Nigerian High Court has ordered Binance Holdings to furnish the Economic and Financial Crimes Commission (EFCC) with detailed data on Nigerian traders using its platform.
The court’s interim ruling, delivered by Justice Emeka Nwite on Feb. 29, followed an ex parte motion filed against Binance by the EFCC, as reported by local outlet Sahara Reporters.
An ex parte motion involves only one party without prior notice to the defense, preventing them from presenting arguments.
The EFCC’s lawyer, Ekele Iheanacho, argued that Binance’s Nigerian activities potentially involved criminal elements, breaching Sections 38 of the EFCC Act, 2004, and Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended), which mandates reporting suspicious transactions.
In an affidavit, EFCC operative Hamma Bello emphasized the need to conclude an ongoing probe following intelligence on alleged money laundering and terrorism financing linked to Binance.
Bello noted that the EFCC uncovered users engaging in illegal activities on the platform, including price manipulation, leading to distortions in the forex market and devaluation of the naira.
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The commission urged Binance to delist the naira from its platform, citing adverse effects on the economy.
Nathaniel Luz, CEO of Flincap, suggested dialogue between Binance and the Nigerian government, considering the advantage of the court order.
Bayo Onanuga, a presidential adviser, accused Binance and other platforms of manipulating the naira, advocating for their ban in Nigeria.
Nigeria has seen rapid growth in its crypto economy, ranking second globally in crypto adoption in 2023.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
