Court Orders Binance To Provide Data To EFCC Amid Alleged Terrorism Financing

Court Orders Binance To Provide Data To EFCC Amid Alleged Terrorism Financing

Binance Holdings Limited has been directed by Justice Emeka Nwite of a federal high court in Abuja to furnish the Economic and Financial Crimes Commission with detailed data or information regarding all Nigerian traders on its platform.....KINDLY READ THE FULL STORY HERE▶

The directive was issued following an ex-parte motion presented by the EFCC’s counsel, Ekele Iheanacho. In the motion sworn to by Hamma Bello, an EFCC operative assigned to the Special Investigation Team (SIT) within the Office of the National Security Adviser (ONSA), it was alleged that the platform was being exploited for illicit activities such as money laundering and terrorism financing….READ ALSOUnveiling The Strategy: FG’s Approach To Financing Petrol Subsidy Via Crude Oil Sales Revenue

Bello further stated:

“Upon receiving the intelligence, our team initiated an investigation by monitoring the platform’s activities.

“We discovered users engaged in price discovery, confirmation, and market manipulation, resulting in significant market distortions and the devaluation of the Naira against other currencies.

“We urged the platform operators to delist the Naira and provide the ONSA with information on Nigerian activities.

“Binance provided information indicating that Nigeria’s total trading volume in 2023 alone amounted to $21.6 billion.

“Attached as Exhibit EFCC 1 is a document from Binance to the ONSA confirming this and other facts. The commission is committed to conducting a timely investigation.”

Bello emphasized the urgent public interest in obtaining the data to facilitate the commission’s investigative efforts, warning that refusal to comply would hinder the investigation.

In granting the request, Justice Nwite stated:

“The applicant’s motion filed on February 29, 2024, is hereby approved as requested. This court orders Binance operators to provide comprehensive data/information regarding all Nigerian traders on its platform.”