According to a report in local news outlet People’s Gazette, a Nigerian court has ordered Binance to issue a comprehensive report to Nigeria’s Economic and Financial Crimes Commission (EFCC) regarding all persons in the country trading on the company’s platform. ordered to provide information.
The interim order comes in the wake of earlier reports that Nigeria had asked cryptocurrency exchanges to hand over information about the country’s top 100 users and all transaction history over the past six months. It is. However, Justice Emeka Nwaito of the Abuja Division of the Federal High Court appears to have granted a motion by EFCC lawyer Ekere Iheanacho seeking information on the transactions of Nigerians on Binance.
The EFCC is Nigeria’s law enforcement agency that investigates financial crimes.
“The applicant’s application dated February 29, 2024 is hereby granted as prayed. This order of the Honorable Court is hereby directed to the operators of Binance to ensure that all Nigerians trading on the Binance platform It directs the Commission to provide comprehensive data/information regarding all persons,” the judge said in the report.
Nigerian authorities also detained two senior Binance executives after inviting them into the country to discuss the issue. A court hearing for the two detained Binance executives is scheduled for Wednesday, according to Reuters. Nigerian authorities are also proposing to increase registration fees for crypto companies by 400%.
Binance and EFCC did not immediately respond to CoinDesk’s requests for comment.
