Nigerians trading on the Binance platform may soon be guests of the Economic and Financial Crimes Commission (EFCC).

On Monday, the Federal High Court in Abuja ordered Binance Holdings Limited to provide the EFCC with detailed information on all persons from Nigeria trading on its platform.

The move follows a motion filed by the anti-graft agency demanding details of Nigerians trading on Binance.

An EFCC operative, Hamma Bello, said that the EFCC’s Special Investigation Team received intelligence that money laundering and terrorism funding were carried out on Binance.

His words: “On receipt of the intelligence, the team began an investigation by conducting surveillance of the activities of the platform.

“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.”