Binance has been ordered by the Nigerian court to reveal to the Economic and Financial Crimes Commission (EFCC) the identities of all of its Nigerian users, focusing on their largest accounts.
This is one of the transmission channels that the government of Nigeria employs in its efforts to force cryptocurrency exchanges to stop activities that may encourage speculation and criminality on the naira’s value.
Nigeria has been working on eliminating several crypto trading websites since last month.
This was after detaining Tigran Gambaryan and Nadeem, Anjarwalla, who had no criminal charges against them. The EFCC says that among the backdrops being scanned are the money laundering and terrorism finance prevalent on the Binance platform, but without clarifying the details.
Reuters reported that the two detained Binance executives are waiting for their court hearing this Wednesday.
Besides, the central bank governor in Nigeria seizing $26 billion of unidentified funds flowing through Binance Nigeria during the past year is another allegation on the surveillance company.
In compliance with the court order and arrests, Binance has suspended its activities in Nigeria. Among these, are peer-to-peer transactions and buying and selling of BTC and USDT for the naira.
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