Binance mandated by Nigerian court to divulge complete user data

The Economic and Financial Crimes Commission (EFCC) has obtained a court order directing Binance Holdings, the cryptocurrency exchange platform, to provide comprehensive data and information about Nigerian traders on its platform. The order was issued by the Nigerian High Court following an ex parte motion filed by the EFCC against Binance. In the motion, the EFCC argued that Binance’s activities in Nigeria involve criminal elements, which goes against the EFCC Act and the Money Laundering Act. The EFCC operative stated that the commission received intelligence on alleged money laundering and terrorism financing involving Binance, and users on the platform were engaged in illegal activities such as price manipulation and market distortion. The adverse effects of these activities on the Nigerian economy were communicated to Binance, leading to the request to delist the naira from its trading platform. Nathaniel Luz, CEO of Flincap, suggested that a roundtable conversation between Binance and the Nigerian government would be the best approach. However, Bayo Onanuga, presidential adviser on information and strategy, argued for banning platforms like Binance due to their alleged manipulation of the naira. Nigeria has become one of the fastest-growing crypto economies, ranking second in terms of crypto adoption globally.