The Federal High Court in Abuja, on Monday, ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission with comprehensive information on all persons from Nigeria trading on its platform.

The court handed down the order following an ex parte motion filed by the EFCC demanding information about Nigerians trading on Binance.

In the affidavit filed in support of the motion an operative of the EFCC, Hamma Bello, stated that the Special Investigation Team of the commission domiciled in the Office of the National Security Adviser received intelligence that money laundering and terrorism financing were carried out on Binance.

 “The team uncovered users who have been using the platform for price discovery, confirmation and market manipulation which has caused tremendous distortions in the market, resulting in the naira losing its value against other currencies.

“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 of the activities of the Nigerians on their platform.

Bello stated that the requested data would help the commission to complete its investigation.

The Central Bank of Nigeria Governor, Olayemi Cardoso, at a press briefing after the 293rd meeting of the Monetary Policy Committee in Abuja in February, disclosed that more than $26bn was channeled through  Binance without traces in the last one year.