Justice Emeka Nwite of the Federal High Court, Abuja, has issued an interim order directing Binance Holdings Limited to furnish the Economic and Financial Crimes Commission (EFCC) with comprehensive data on all Nigerian users trading on its platform.

The ruling came following an ex-parte motion presented by the EFCC’s lawyer, Ekele Iheanacho, seeking to obtain information to aid investigations into alleged money laundering and terrorism financing activities on the Binance cryptocurrency exchange platform.

Granting the interim order, Justice Nwite cited provisions of the Economic and Financial Crimes Establishment Act, 2004, and the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended), along with the inherent powers of the court. The order was aimed at enabling the EFCC to delve into the alleged illicit activities on Binance.

In an affidavit supporting the motion, EFCC operative Hamma Bello, attached to the Special Investigation Team (SIT) domiciled in the Office of the National Security Adviser (ONSA), revealed that intelligence had indicated nefarious activities, including money laundering and terrorism financing, occurring on the Binance platform. 

Bello stated that following the inauguration of the Technical Committee on Currency Stability and Forex Manipulation by ONSA, the SIT initiated investigations into the matter.

Bello emphasized the urgency and public interest nature of the investigation, stressing that access to Binance user data was crucial for the EFCC to effectively conduct its inquiry. 

He argued that denial of the request would impede the commission’s investigative efforts and hinder the pursuit of justice.