EFCC Secures Court Order To Monitor Nigerians’ Transactions On Binance Exchange

EFCC Secures Court Order To Monitor Nigerians’ Transactions On Binance Exchange....KINDLY READ THE FULL STORY HERE▶

The Federal High Court in Abuja has issued an order demanding Binance Holdings Limited to furnish the Economic and Financial Crimes Commission (EFCC) with detailed information regarding Nigerian traders on its platform.

This directive follows an ex parte motion filed by the EFCC seeking data on Nigerians engaged in trading activities on Binance. The lawsuit, with reference number FHC/ABJ/CS/259/2024 and dated February 29, was filed under relevant sections of the Economic and Financial Crimes Establishment Act, 2004, and the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended).

In support of the motion, an EFCC operative, Hamma Bello, revealed that the commission’s Special Investigation Team, under the Office of the National Security Adviser, received intelligence suggesting illicit money laundering and terrorism financing through Binance.

According to Bello, the investigation unveiled users manipulating market prices, causing significant disruptions leading to the devaluation of the naira against other currencies. Despite warnings to delist the naira and disclose Nigerian users’ activities, Binance reportedly failed to comply. The information provided by Binance indicated a trading volume of $21.6 billion from Nigeria in 2023 alone.

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