Binance

EFCC gets court order to track Nigerian traders transacting on Binance

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Nigerian traders on the Binance platform may soon become guests of the Economic and Financial Crimes Commission, EFCC.

On Monday, the Federal High Court in Abuja ordered Binance Holdings Limited to supply the EFCC with precise information about all Nigerian traders on its platform.

The action followed a motion filed by the anti-corruption agency requesting information on Nigerians trading on Binance.

READ ALSO: Alleged terrorism: Court orders Binance to release data to EFCC

An EFCC operative, Hamma Bello, stated that the EFCC’s Special Investigation Team got intelligence indicating money laundering and terrorism funding were taking place on Binance.

His words: “On receipt of the intelligence, the team began an investigation by conducting surveillance of the activities of the platform.

“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.”

 

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