The Federal High Court in Abuja has ordered cryptocurrency exchange Binance to provide comprehensive information on all Nigerians trading on its platform. This is reported local media.
The petition came from the Economic and Financial Crimes Commission, which is investigating the activities of the exchange in the country. The requested data includes the names and complete transaction history of Nigerian users.
Recall that the Nigerian authorities accuse Binance of financing terrorism, money laundering and manipulating the naira exchange rate. According to the local central bank, $26 billion passed through Binance alone over the past year, the sources of which “cannot be accurately determined.”
Previously, the exchange was required to provide a list of the top 100 users in Nigeria and the entire transaction history for the last six months. The platform was also required to settle any outstanding tax liabilities.
Binance could potentially face a fine of $10 billion.
Two top managers of the exchange – Tigran Ghambaryan and Nadeem Anjarwalla – remain in custody in the country, although they have not been charged with any charges. The hearing of the Binance case is scheduled for March 20.
Amid the litigation, the Nigerian Securities and Exchange Commission has launched an initiative to increase registration fees for crypto companies by 400%.
Source: Cryptocurrency
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