Court Orders Binance to Disclose Information on Nigerian Traders to EFCC In a recent development, Nigerian traders on the Binance platform are under scrutiny as the Economic and Financial Crimes Commission (EFCC) obtains a court order for detailed information.
The Federal High Court in Abuja has mandated Binance Holdings Limited to furnish the EFCC with comprehensive data regarding Nigerian users engaging in transactions on its platform.
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This decision stems from a motion filed by the anti-graft agency seeking transparency on Nigerians trading on Binance amid concerns of money laundering and terrorism financing activities.Hamma Bello, an EFCC operative, stated, “Our Special Investigation Team received intelligence indicating illicit activities such as money laundering and terrorism funding on Binance.
Subsequently, we launched an investigation uncovering instances of market manipulation causing significant distortions and devaluation of the naira against other currencies.”
