Court orders Binance to disclose names, transaction details of Nigerian users
Binance
The Federal High Court sitting in Abuja has ordered world’s largest Cryptocurrency company, Binance Holdings Limited to disclose the names and transaction details of all its most prominent users in Nigeria.
Justice Emeka Nwite gave Binance the interim order to provide the Economic and Financial Crimes Commission (EFCC) with a comprehensive information of all the prominent persons from Nigeria trading on its platform.
Nwite gave the order after he had ruled on the ex parte motion moved by the EFCC’s lawyer, Ekele Iheanacho.
“The applicant’s application dated and filed 29th February, 2024, is hereby granted as prayed,” said Justice Nwite.
“That an order of this honourable court is hereby made directing the operators of Binance to provide the commission with comprehensive data/information relating to all persons from Nigeria trading on its platform.”
Nwite’s interim order has also given the EFCC the power to discover more about the alleged money laundering and terrorism financing on the cryptocurrency exchange platform.
“The ex parte motion marked FHC/ABJ/CS/259/2024 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) and the inherent powers of the court,” read a statement.
“In the affidavit in support of the motion deposed to by Hamma Bello, an operative of the EFCC, he said he was attached to the Special Investigation Team (SIT) of the commission domiciled in the Office of the National Security Adviser (ONSA).
“Mr Bello averred that, following the inauguration of the Technical Committee on Currency Stability and Forex Manipulation by the ONSA, the SIT
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