Binance ordered to provide data to EFCC on terrorism financing allegations

In news reports, Justice Emeka Nwite of a Federal High Court in Abuja has ordered Binance Holdings Limited to provide full data or information of all persons from Nigeria trading on its platform to the Economic and Financial Crimes Commission (EFCC). Nwite made the order while ruling in an ex-parte application filed by EFCC. After listening to the anti-graft agency’s lawyer, Ekele Iheanacho, the judge, who granted the application as prayed, held that “an order of this honourable court is hereby made directing the operators of Binance to provide the commission with comprehensive data/information relating to all persons from Nigeria trading on its platform.” The interim order, which was granted on February 29, was to enable the anti-graft agency to unravel the alleged money laundering and terrorism financing by Binance, a cryptocurrency exchange platform. The ex-parte motion, marked: FHC/ABJ/CS/259/2024, was brought under Sections 6(b), (h), (I), 7(1), (a)(2), and 38 of the Economic and Financial Crimes Establishment Act, 2004 and Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended) and the inherent powers of the court.