Nigerian traders using the Binance platform might soon face inquiries from the Economic and Financial Crimes Commission (EFCC).
A court in Abuja, Nigeria’s capital, has instructed Binance Holdings Limited to give the EFCC detailed information about Nigerian users on its platform.
The EFCC requested this information because it suspects that illegal activities like money laundering and financing terrorism might be happening on Binance.
According to Hamma Bello, an EFCC investigator, they received information suggesting that Binance was being used for illegal activities. The EFCC started investigating by watching the platform’s activities closely.
They found some users who were using Binance to influence prices, confirm transactions, and manipulate the market.
This manipulation caused problems, like the Nigerian currency losing value compared to other currencies.
