The Federal High Court in Abuja has mandated the cryptocurrency exchange Binance to provide comprehensive information on all Nigerian individuals trading on its platform, according to local media reports.
The request was made by the Economic and Financial Crimes Commission, which is investigating the exchange’s activities in the country. The data sought includes the names and complete transaction history of Nigerian users.
Nigerian authorities accuse Binance of financing terrorism, money laundering, and manipulating the naira exchange rate. According to the local central bank, $26 billion has passed through Binance in the past year, with sources that are “impossible to accurately determine.”
Previously, the exchange was asked to provide a list of the top 100 users in Nigeria and the entire transaction history for the past six months. The platform was also required to settle any outstanding tax obligations.
Binance potentially faces a $10 billion fine.
Two senior executives of the exchange, Tigran Gambaryan and Nadim Anjarwalla, remain in custody in the country, although no charges have been filed against them. The hearing for Binance is scheduled for March 20.
In light of the investigation, the Nigerian Securities and Exchange Commission has proposed a 400% increase in registration fees for crypto companies.