A Federal High Court in Abuja has directed Binance Holdings Limited, a cryptocurrency exchange platform, to furnish the Economic and Financial Crimes Commission (EFCC) with comprehensive data and information concerning Nigerian traders on its platform.
The directive, issued by Justice Emeka Nwite on February 29 through an interim ruling, follows an ex-parte motion filed by the EFCC against Binance.The EFCC, through an affidavit filed by operative Hamma Bello, stated the necessity to conclude an ongoing investigation into alleged nefarious activities such as money laundering and terrorism financing on the Binance platform. Bello highlighted the discovery of users engaging in price discovery, confirmation, and market manipulation, leading to significant distortions in the market and the depreciation of the Naira against other currencies.
In response to the EFCC’s motion, Justice Emeka Nwite approved the request, signaling a significant development in the investigation into cryptocurrency-related activities in Nigeria. This ruling underscores the growing scrutiny of cryptocurrency exchanges by regulatory authorities and law enforcement agencies, aiming to combat financial crimes and protect the integrity of the financial system.
source: Nairametrics