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Nigerian Court Orders Binance to Relinquish Data of All Nigerians Trading on Its Platform: Report
The interim order comes after an earlier report that Nigeria wanted Binance to give information regarding its top 100 users in the nation and all transaction history spanning the past six months.
Updated Mar 19, 2024, 6:50 p.m. Published Mar 19, 2024, 5:35 a.m.
- Binance has to provide Nigeria’s anti-graft agency comprehensive data on all Nigerians using its platform, a Federal court has ordered.
- Nigeria’s detention of two senior executives from Binance after inviting them into the nation has entered a fourth week, with a hearing on the matter scheduled for Wednesday.
A Nigerian court has ordered Binance to provide Nigeria’s Economic and Financial Crimes Commission (EFCC) with comprehensive information on all persons from the nation trading on its platform, according to a report by the local news outlet Peoples Gazette.
The interim order comes after an earlier report that Nigeria had asked the crypto exchange to hand over the information regarding its top 100 users in the country and all transaction history spanning the past six months. But Justice Emeka Nwite from the Abuja Division of the Federal High Court appears to have granted the motion of EFCC’s lawyer, Ekele Iheanacho which sought information on any Nigerian trading on Binance.
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The EFCC is Nigeria’s law enforcement agency that investigates financial crimes.
“The applicant’s application dated and filed February 29, 2024, is hereby granted as prayed. That an order of this honorable 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,” the judge ordered, the report said.
Nigeria has taken action against the crypto industry for allegedly facilitating illegal capital outflows, which purportedly led to the Nigerian naira weakening to record lows against the dollar. The nation’s authorities have taken a particular interest in Binance’s operations, demanding $10 billion in penalties for enabling some $26 billion of untraceable funds.
Nigerian authorities also detained two of Binance’s senior executives after inviting them into the country to discuss the matter. The court hearing of the two detained Binance executives is scheduled for Wednesday, Reuters reported. Nigerian authorities have also proposed a 400% increase in registration fees for crypto firms.
Binance and the EFCC did not immediately respond to CoinDesk’s request for comment.
Read More: Nigeria Invited, Then Detained Binance’s Compliance Head and Africa Manager for Two Weeks: Reports
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