One of the top cryptocurrency exchanges globally, Binance provides its services in numerous nations on multiple continents.

The Economic and Financial Crime Commission (EFCC) has requested detailed information from Binance Holdings Limited about all Nigerian users who trade on its platform, as per a summons issued by the Federal High Court of Abuja on March 19, 2024.

The EFCC filed a partial application requesting information about Nigerian citizens who trade on the cryptocurrency exchange, and the court ordered the exchange to produce the information.

The EFCC's Hamma Bello states in his filed affidavit that the commission's special investigation team in the National Security Advisor's office has acquired information indicating Binance is used to fund terrorism and launder money.

According to information gathered by the EFCC's special investigation team in the office of the National Security Adviser, Binance is used to support terrorism and launder money, as stated in Hamma Bello's filed affidavit.

"The team began an investigation by conducting surveillance of the platform activities upon receipt of the intelligence," he continues.

The team found users who were utilising the platform for price discovery, confirmation, and market manipulation, which led to severe market distortions and the depreciation of the naira relative to other currencies, according to Bello's comment.

"The platform operators were made aware of the harm the platform has caused and asked to remove the Naira from the list and make the ONSA aware of the activities of the Nigerians on their platform,” he said.

Most Talked About SEC & Binance Lawsuit

The Securities and Exchange Commission has allegedly accused Binance, its CEO, and the exchange's U.S. subsidiary of increasing trading volume, misappropriating customer funds, neglecting to bar U.S. users from using its platform, and deceiving investors about its market surveillance control.

Where Does The Exchange Stand Right Now, Worldwide?

Over 1200 cryptocurrency-related projects have been established on the Binance blockchain, often known as the Binance Smart Cain, BSC, or BNB chain. Competitive petrol fees are charged by the BNB chain.

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.

Updates on Market Prices

The market capitalization has plummeted by 5.58% in the last several hours, culminating in a $138.08 billion outflow. The market cap was $2.32 trillion at the time of writing.

The market leader, bitcoin, was trading above $68k, but over the course of the last day, there was a sharp decrease of over 7%, with the price closing at $63,594.