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Binance is among the leading crypto exchanges in the world, it offers its services in several countries across continents.
Abuja’s Federal High Court, on March 19, 2024, summoned Binance Holdings Limited to provide comprehensive information to the Economic and Financial Crime Commission (EFCC) on all users trading from Nigeria on its ecosystem.
The court ordered the crypto exchange to provide the data as it received a partial motion filed by the EFCC demanding information about the residents of Nigeria trading on the exchange.
Hamma Bello, of the EFCC, notes in his filed affidavit that the commission’s special investigation team in the office of the National Security Adviser received intelligence that money laundering and terror funding are operated through Binance.
He adds, “On receipt of the Intelligence, the team began an investigation by conducting surveillance of the platform activities.”
Bello also quoted, “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,” he said.
Most Discussed Lawsuit of the SEC & Binance
Available information states that the Securities and Exchange Commission has accused Binance, its CEO, and the U.S. subsidiary of the exchange of boosting its trading volume, diverting customers’ funds, failing to restrict U.S. customers from its platform, and misleading investors about its market surveillance control.
Where The Exchange Stands Today, Globally?
More than 1200 crypto-based projects were developed over the blockchain of Binance, the Binance Smart Cain or BSC or BNB chain. The BNB chain charges competitive gas fees.
First Digital USD (FDUSD), USDC (USDC), WETH (WETH), Wrapped Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE) and Fantom (FTM) are some of the significant projects that are based on BNB chain.
Staked Frax Ether is the most valuable crypto project listed on BNB, when writing, it was trading at $3,518. However, Dai (DAI) leads in terms of market capitalization, followed by BNB (BNB) coins.
BNB (BNB), a native cryptocurrency of the Binance blockchain, has surged more than 50% in the past 52 weeks. When writing, it was trading at $515.51; its trading volume spiked 23.53% intraday.
Market Price Update
In the past few hours, the market capitalization has fallen bare handedly and lost 5.58%, resulting in an outflow of $138.08 Billion. As of writing, the market cap was $2.32 Trillion.
Bitcoin, the market leader, was trading above $68k, but in the past 24 hours, a sudden decline of more than 7% was observed, trading at $63,594.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.