The Federal High Court in Abuja has granted an interim order requiring Binance to provide comprehensive data on all persons trading on its platform from Nigeria to the EFCC.
This order was issued following an ex parte motion moved by the EFCC’s lawyer, Ekele Iheanacho, alleging money laundering and terrorism financing activities on Binance.
The EFCC, through operative Hamma Bello, cited intelligence suggesting nefarious activities on Binance, prompting an investigation into users utilizing the platform for market manipulation, leading to distortions in the value of the Nigerian Naira against other currencies.
The affidavit filed in support of the motion claimed that Binance’s total trading volume from Nigeria in 2023 alone amounted to $21.6 million.
Meanwhile, two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, were detained upon their arrival in Nigeria in connection with the government’s crackdown on cryptocurrency trading websites.
The court order granting the EFCC permission to detain the executives for investigation has expired, and the EFCC sought an extension, which was pending as of the report.
