A Federal High Court in Abuja has ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission with the comprehensive data or information of all persons from Nigeria trading on its platform.
Justice Emeka Nwite granted the interim order after ruling
on the ex-parte motion moved by EFCC’s lawyer, Ekele Iheanacho.
“The applicant’s application dated and filed 29th February,
2024, is hereby granted as prayed.
“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,”
Nwite said.
The News Agency of Nigeria reports that the interim order
was granted to enable the anti-graft agency to unravel allegations of money
laundering and terrorism financing against Binance, a crypto currency exchange
platform.
A certified true copy of the ruling, which was delivered on
February 29, was sighted by NAN on Monday.
The ex-parte motion, marked: FHC/ABJ/CS/259/2024, was
brought pursuant to 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.
In the affidavit in support of the motion deposed to by
Hamma Bello, an operative of the EFCC, he said he was attached to the Special
Investigation Team (SIT) of the commission domiciled in the Office of the
National Security Adviser (ONSA).
Bello averred that, following the inauguration of the
Technical Committee on Currency Stability and Forex Manipulation by the ONSA,
the SIT “received an intelligence stating the nefarious activities (money
laundering and terrorism financing) on Binance, a crypto currency exchange
platform.
“That on receipt of the Intelligence, the team began an
investigation by conducting surveillance of the activities of the platform.
“That the team uncovered users who have been using the
platform for price discovery, confirmation and market manipulation which has
caused tremendous distortions in the market, resulting in the Naira losing its
value against other currencies.
“That the damage the platform has caused was clearly
explained to the operators of the platform and they were requested to delist
the Naira and avail the ONSA on the activities of the Nigerians on their
platform.
“That from the information afforded to the team by Binance
shows that the total trading volume from Nigeria in 2023 alone stood at $21.6
(twenty one billion, six hundred million dollars).
“Attached and marked as Exhibit EFCC 1 is a copy of the
document from Binance to the ONSA stating this fact amongst others.
“That the commission will ensure that investigation is
conducted within such reasonable time.”
Bello, who said the matter was of utmost urgent public
interest, said the data provided would enable the commission to accomplish its
investigation activities.
He said it was in the interest of justice to grant the
application as refusal of the request would largely hamper the commission’s
investigation.
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