Court orders Binance to release data of Nigerian users to EFCC

Federal High Court in Abuja has ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission with comprehensive information on all persons from Nigeria trading on its platform.
The court handed down the order in an ex-parte motion filed by the EFCC demanding information about Nigerians trading on Binance.
In the affidavit in support of the motion deposed to by an operative of the EFCC, Hamma Bello, he stated that the Special Investigation Team of the commission domiciled in the Office of the National Security Adviser received intelligence that money laundering and terrorism financing was carried out on Binance.
He said, The Special Investigation Team of the commission domiciled in the Office of the National Security Adviser received an intelligence stating the nefarious activities (money laundering and terrorism financing) on Binance, a cryptocurrency exchange platform.
Bello also said the team uncovered some users whose activities on Binance resulted in the country’s currency losing its value against other currencies.
He said, That the team uncovered users who have been using the platform for price discovery, confirmation and market manipulation which has caused tremendous distortions in the market, resulting in the Naira losing its values against other currencies.