Author: Amitoj Singh, CoinDesk; Compiler: Deng Tong, Golden Finance
The Federal Court has ordered that Binance must provide comprehensive data on all Nigerians using its platform to Nigeria’s anti-corruption agency.
Nigeria has entered its fourth week of detaining two Binance executives after inviting them to enter the country, and a hearing on the matter is scheduled to be held on Wednesday.
A Nigerian court has ordered Binance to provide Nigeria’s Economic and Financial Crimes Commission (EFCC) with all of the country’s illegal assets, local news outlet People’s Gazette reported. Comprehensive information about the people transacting on the platform.
It was previously reported that Nigeria required cryptocurrency exchanges to hand over information on the country’s top 100 users and all trading history over the past six months. But Justice Emeka Nwite of the Abuja division of the Federal High Court appeared to grant a motion by EFCC lawyer Ekele Iheanacho seeking information on any Nigerian transactions on Binance.
The EFCC is Nigeria’s law enforcement agency responsible for investigating financial crime.
“The application filed by the applicant on February 29, 2024, is hereby granted as requested. The court hereby issues an order directing the operators of Binance to provide the Commission with information related to the conduct of transactions on its platform,” the report stated. Comprehensive data/information relevant to all Nigerians.
Nigeria has taken action against the cryptocurrency industry for allegedly promoting illegal capital outflows, which allegedly caused the Nigerian naira to fall to historic levels against the US dollar New lows. The country’s authorities are particularly interested in Binance’s operations, demanding a $100 fine for providing some $26 billion in untraceable funds. A $100 million fine.
Nigerian authorities also detained two senior Binance executives after inviting them into the country to discuss the matter. according to Reuters >A court hearing for two detained Binance executives is scheduled for Wednesday. Nigerian authorities also proposed to increase registration fees for cryptocurrency companies by 400%.