A Federal High Court in Abuja has mandated that Binance Holdings Limited give the Economic and Financial Crimes Commission access to all Nigerian traders’ complete data or information.
Following her decision on the ex parte motion made by Ekele Iheanacho, the attorney for the EFCC, Justice Emeka Nwite issued the interim order.
“The applicant’s application dated and filed 29th February, 2024, is hereby granted as prayed.
“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 said.
According to the News Agency of Nigeria, the temporary injunction was given to the anti-graft agency so that it may investigate claims of money laundering and terrorism funding against Binance, a cryptocurrency exchange.
NAN saw a certified authentic copy of the verdict on Monday; it was handed on February 29.
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) as well as the inherent powers of the court were the grounds for the ex-parte motion, which is marked: FHC/ABJ/CS/259/2024.
Hamma Bello, an EFCC agent, stated in the affidavit supporting the motion that he was a member of the commission’s Special Investigation Team (SIT), which is based in the Office of the National Security Adviser (ONSA).
Bello claimed that the SIT “received an intelligence stating the nefarious activities (money laundering and terrorism financing) on Binance, a crypto currency exchange platform” after the ONSA established the Technical Committee on Currency Stability and Forex Manipulation.
“That on receipt of the Intelligence, the team began an investigation by conducting surveillance of the activities of the platform.
“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 value against other currencies.
“That the damage the platform has caused was clearly explained to the operators of the platform and they were requested to delist the Naira and avail the ONSA on the activities of the Nigerians on their platform.
“That from the information afforded to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 (twenty one billion, six hundred million dollars).
“Attached and marked as Exhibit EFCC 1 is a copy of the document from Binance to the ONSA stating this fact amongst others.
“That the commission will ensure that investigation is conducted within such reasonable time.”
Bello stated that the information submitted would allow the panel to complete its investigation tasks and that the topic was of the utmost urgent public interest.
He claimed that granting the application was in the best interests of justice because rejecting the request would seriously impede the commission’s inquiry.
