A Federal High Court sitting in Abuja has ordered the crypto trading platform, Binance Holdings Limited, to release a comprehensive detail of all persons from Nigeria trading on its platform to the Economic and Financial Crimes Commission, EFCC.
The Nigerian government had earlier asked the company to provide a list of its top 100 traders from the country after Mr. Olayemi Cardoso, governor of the central bank of Nigeria (CBN) alleged that about $26 billion was traded across Binance from unknown sources.
However, in an ex parte motion filed before the high court, the EFCC said it would need a more detailed data of Binance users in Nigeria to assist its ongoing investigation on issues relating to money laundering and terrorism financing. “The ex parte motion, marked: FHC/ABJ/CS/259/2024, was filed 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.
