Home Editor's Pick Binance vs Nigeria Continues: Nigerian Court Orders Binance to Provide All User Data to EFCC

Binance vs Nigeria Continues: Nigerian Court Orders Binance to Provide All User Data to EFCC

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A Federal High Court in Abuja, Nigeria, has ordered cryptocurrency exchange Binance to provide comprehensive information on all its Nigerian users to the country’s Economic and Financial Crimes Commission (EFCC).

TLDR

A Nigerian court ordered Binance to provide comprehensive data on all Nigerian users to the Economic and Financial Crimes Commission (EFCC).
The order comes amid allegations that Binance facilitated illegal capital outflows, contributing to the devaluation of the Nigerian naira.
Nigerian authorities have detained two Binance executives and proposed a 400% increase in registration fees for crypto firms.
The EFCC claims that Binance users engaged in market manipulation and caused distortions resulting in the naira losing value against other currencies.
Binance’s trading volume from Nigeria in 2023 was reported to be $21.6 billion.

The court order is part of an ongoing investigation by Nigerian authorities into Binance’s operations within the country.

The EFCC has accused the exchange of exacerbating the nation’s foreign exchange issues and contributing to the devaluation of the Nigerian naira by allegedly facilitating illegal capital outflows.

In an affidavit submitted to the court, an EFCC official stated that the agency’s Special Investigation Team uncovered Binance users engaging in market manipulation and causing distortions that led to the naira losing value against other currencies.

The document also revealed that Binance’s trading volume from Nigeria in 2023 alone stood at $21.6 billion.

Nigerian authorities have taken a strong stance against Binance, with the detention of two senior executives and a proposed 400% increase in registration fees for crypto firms operating in the country.

The court order compelling Binance to release user data is seen as a significant step in the government’s efforts to investigate the exchange’s role in the nation’s economic challenges.

While Binance’s privacy terms indicate that the exchange may share user data with authorities for legal and regulatory compliance, it remains unclear whether the company will comply with the Nigerian court’s demands.

As the situation continues to unfold, the crypto community and industry observers await further developments in this ongoing confrontation between Binance and Nigerian authorities.

The post Binance vs Nigeria Continues: Nigerian Court Orders Binance to Provide All User Data to EFCC appeared first on Blockonomi.

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