Court Ordered Binance to Provide Data to EFCC Over Alleged Terrorism Financing

The Federal High Court in Abuja has mandated Binance Holdings Limited to furnish the Economic and Financial Crimes Commission with comprehensive data on Nigerian traders using its platform.

Justice Emeka Nwite issued the interim directive following the EFCC’s ex-parte motion presented by lawyer Ekele Iheanacho.

“The court grants the applicant’s request dated and filed on February 29, 2024,” Justice Nwite stated. “Binance operators are directed to provide the commission with comprehensive data on Nigerian traders using its platform.”

This interim measure aims to assist the anti-graft agency in investigating suspected money laundering and terrorism financing activities on Binance, a cryptocurrency exchange platform.

A certified true copy of the ruling, delivered on February 29, was made available to the News Agency of Nigeria (NAN) on Monday.

The ex-parte motion, designated FHC/ABJ/CS/259/2024, was filed under relevant sections of the Economic and Financial Crimes Establishment Act, 2004, the Money Laundering (Prevention and Prohibition) Act, 2022, and the court’s inherent powers.

In support of the motion, Hamma Bello, an EFCC operative, stated in an affidavit that the Special Investigation Team received intelligence about suspicious activities, including money laundering and terrorism financing, on Binance.

Bello highlighted the urgency of the matter and emphasized the importance of obtaining the requested data to facilitate the commission’s investigation.

Binance, a prominent cryptocurrency exchange with a global presence, offers a wide range of services catering to cryptocurrency traders and blockchain developers.