In Abuja, a Federal High Court has directed Binance Holdings Limited to furnish the Economic and Financial Crimes Commission (EFCC) with comprehensive details regarding Nigerian traders on its platform.

This order was issued following an ex-parte motion filed by the EFCC, seeking information about Nigerian traders on Binance, citing relevant legal statutes.

The motion, marked FHC/ABJ/CS/259/2024 and dated February 29, was filed 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).

In the supporting affidavit, EFCC operative Hamma Bello stated that the commission's Special Investigation Team received intelligence implicating Binance in illicit financial activities, prompting surveillance and investigation.

Bello highlighted instances of market manipulation causing currency devaluation, urging Binance to remove the Naira from its platform and cooperate with the investigation.

Bello also noted that the requested data would aid the commission in completing its investigation.

Justice Emeka Nwite granted the interim order on February 29, directing Binance to provide comprehensive data on Nigerian traders using its platform.

Binance, an online cryptocurrency exchange platform, has faced scrutiny, with the Central Bank of Nigeria Governor revealing significant financial flows through the platform.

Financial Times reported on February 28 that two Binance executives were arrested and detained due to a ban on their website.

On March 12, 2024, the EFCC requested data on Binance's top 100 users in Nigeria and transaction history for the past six months, sparking negotiations between Binance and Nigeria.