Terrorism: Court Orders Binance To Release Data To EFCC

Judge Emeka Nwite of a federal high court in Abuja has, on suspicion of terrorism financing, mandated that Binance Holdings Limited give the Economic and Financial Crimes Commission access to all of the Nigerian traders’ complete data or information.

Ekele Iheanacho, the attorney for the EFCC, filed an ex-parte motion, which resulted in the order being granted. The EFCC agent Hamma Bello, who is based in the Office of the National Security Adviser (ONSA) and is part of the commission’s Special Investigation Team (SIT), testified in support of the motion that they “received an intelligence stating the nefarious activities (money laundering and terrorism financing) on Binance, a cryptocurrency exchange platform.”

He added; “That on receipt of the Intelligence, the team began the 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 also said that it is of utmost urgent public interest, that the data be provided to enable the commission to accomplish its investigation activities. He said refusal of the request would largely hamper the commission’s investigation.

Granting the application, Justice Nwite said; “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.”