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Court directs Binance to release data of Nigerians to EFCC over alleged terrorism financing

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A Federal High Court, Abuja has directed the operators of Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data and information relating to all persons from Nigeria who are trading on its platform.

The directive was given in an interim ruling delivered by Justice Emeka Nwite on February 29 following an ex-parte motion filed against the cryptocurrency exchange platform by the EFCC.

The antigraft agency’s lawyer, Ekele Iheanacho, in the motion marked FHC/ABJ/CS/259/2024, argued that there are ingredients of criminality associated with the operations of Binance in Nigeria, contrary to Sections 38 of the EFCC Act, 2004 and Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended).

In an affidavit deposed by an operative of the EFCC, Hamma Bello, he said the Commission needs to conclude its ongoing investigation after having received intelligence of the alleged nefarious activities (money laundering and terrorism financing) on Binance, a cryptocurrency exchange platform.

Bello added,

In his ruling, Justice Emeka Nwite approved the request of the EFCC.

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