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Court Orders Binance to Share User Data with EFCC in Money Laundering Probe

A Federal High Court in Abuja has mandated Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with extensive data on Nigerian traders using its platform. Justice Emeka Nwite issued the interim order following an ex-parte motion filed by the EFCC, granting the agency access to comprehensive information on Nigerian users. This move aims to assist the EFCC in uncovering potential instances of money laundering and terrorism financing allegedly occurring on Binance, a prominent cryptocurrency exchange platform.

 

The court’s decision, delivered on February 29, empowers the EFCC to delve into the activities of Nigerian traders on Binance, in line with relevant anti-money laundering legislation. The affidavit supporting the motion, filed by EFCC operative Hamma Bello, highlights the agency’s efforts to investigate suspicious activities on the platform. Bello emphasized the urgency of the matter, citing the significant trading volume from Nigeria in 2023 alone, amounting to $21.6 billion.

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The EFCC’s request underscores the gravity of the situation and the need for transparency in financial transactions. By cooperating with authorities and providing essential data, Binance can contribute to the investigation aimed at safeguarding against financial crimes. Binance, known for its extensive list of cryptocurrencies and additional services, plays a pivotal role in the global cryptocurrency market. As the investigation unfolds, stakeholders await further developments in this ongoing probe.

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