Nigeria's Legal Move: Binance Ordered to Release Trading Data per Court Order

Nigerian Court Orders Binance to Provide User Information to Economic and Financial Crimes Commission

A Nigerian court has commanded Binance to furnish Nigeria’s Economic and Financial Crimes Commission (EFCC) with comprehensive details on all individuals from the nation engaging in transactions on its platform. This decision follows an earlier request by Nigeria for Binance to disclose information concerning its top 100 users in the country and all transaction history spanning the past six months.

Justice Emeka Nwite from the Abuja Division of the Federal High Court appears to have granted the motion of EFCC’s lawyer, Ekele Iheanacho, seeking information on any Nigerian trading on Binance. The EFCC, Nigeria’s law enforcement agency investigating financial crimes, pressed for this action.

According to a report by the local news outlet Peoples Gazette, the judge ordered, “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.”

Nigeria has taken measures against the crypto industry, alleging it facilitates illegal capital outflows, contributing to the weakening of the Nigerian naira against the dollar. The authorities have focused on Binance, demanding $10 billion in penalties for enabling approximately $26 billion of untraceable funds.

The trial of the detained executive is scheduled to take place on Wednesday

Nigerian authorities detained two of Binance’s senior executives after inviting them into the country for discussions. The court hearing for the detained executives is scheduled for Wednesday, as reported by Reuters. Additionally.

Nigerian authorities have proposed a 400% increase in registration fees for crypto firms

The Nigerian Securities and Exchange Commission proposes significant fee increases for cryptocurrency exchanges. According to the notification from the Nigerian Securities and Exchange Commission, proposed adjustments to the regulatory framework for cryptocurrency issuers, exchanges, and custody platforms include substantial increases in all supervisory fees. Under the updated guidelines, digital asset exchanges, platform providers, and custodians will face a significant increase in application fees, rising from 100,000 Naira (62 USD) to 300,000 Naira (186 USD). Additionally, the proposal suggests raising processing fees from 300,000 Naira (186 USD) to 1 million Naira (620 USD), and registration fees will increase by 400%, rising from 30 million Naira (18,620 USD) to 150 million Naira (93,102 USD).