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A Federal High Court in Nigeria has ordered the world’s largest cryptocurrency exchange, Binance, to release comprehensive data of all local users trading on its platform to the Economic and Financial Crimes Commission as the clampdown on the firm for its alleged role in the devaluation of the naira continues.
Following the court’s latest order, Binance is expected to submit data relating to all of its Nigerian users. The firm is also under scrutiny for allegations of money laundering and terrorism financing. “The applicant’s application dated and filed 29th February, 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,” Judge Nwite ordered.
“That the damage the platform has caused was clearly explained to the operators of the platform and they were requested to delist the Naira and avail the ONSA on the activities of the Nigerians on their platform,” Bello stated. Information previously received from Binance revealed that the exchange saw a trading volume of $21.6 million from Nigeria in 2023. Bello said the data to be obtained will enable the EFCC to conduct a deeper investigation on Binance.Binance Is Not Responsible for the Steep Decline of the Nigerian Naira, Company Fights BackOne Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted.
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