Justice Emeka Nwite of the Federal High Court, Abuja, has issued an order requiring Binance Holdings Limited to furnish the Economic and Financial Crimes Commission (EFCC) with comprehensive data or information regarding all individuals from Nigeria engaged in trading on its platform.
This interim order was granted following a ruling on the ex-parte motion presented by the EFCC’s legal representative, Ekele Iheanacho.
The aim of this interim order is to assist the anti-graft agency in uncovering potential instances of money laundering and terrorism financing activities on Binance, a cryptocurrency exchange platform.
The ex-parte motion was filed under the provisions of Sections 6(b), (h), (I), 7(1), (a)(2), and 38 of the Economic and Financial Crimes Establishment Act, 2004, as well as Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended), in addition to the inherent powers of the court.
In an affidavit supporting the motion, deposed by an EFCC operative named Hamma Bello, it was stated that he is part of the Special Investigation Team (SIT) of the commission, stationed within the Office of the National Security Adviser (ONSA).
Bello mentioned that following the establishment of the Technical Committee on Currency Stability and Forex Manipulation by the ONSA, the SIT received intelligence regarding potential illicit activities (such as money laundering and terrorism financing) occurring on Binance.
Upon receipt of this intelligence, the team initiated an investigation by monitoring the activities conducted on the platform.
Emphasizing the urgency and public interest nature of the matter, Bello stated that the data requested from Binance would greatly facilitate the EFCC’s investigative efforts.
