Cryptocurrency Giant, Binance Holdings Limited has been asked to provide the Economic and Financial Crimes Commission with detailed information on all Nigerians trading on its platform by a Federal High Court in Abuja.
This was due to an ex-parte motion filed by the EFCC demanding information about Nigerians trading on the platform.
The suit marked: FHC/ABJ/CS/259/2024 and dated February 29 according to the anti-graft agency 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).
Speaking, Hamma Bello said, “The Special Investigation Team of the commission domiciled in the Office of the National Security Adviser received an intelligence stating the nefarious activities (money laundering and terrorism financing) on Binance, a cryptocurrency exchange platform.
“That on receipt of the intelligence, the team began an investigation by conducting surveillance of the activities of the platform.
“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 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 values 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 trading volume from Nigeria in 2023 alone stood at $21.6bn.
“Attached and marked as Exhibit EFCC 1 is a copy of the document from Binance to the ONSA stating this fact amongst others.“That the commission will ensure that investigation is conducted within such reasonable time,”Bello stated that the requested data would help the commission complete its investigation.
However, Justice Emeka Nwite granted the interim order on February 29 where he said “The applicant’s application dated and filed 29th February 2024 is hereby granted as prayed.”
