The Federal Court in Abuja, Nigeria, has ruled requiring the cryptocurrency exchange Binance to provide full data on all Nigerian users, including their names and transaction history. This requirement stems from the Economic and Financial Crimes Commission, which is investigating the exchange's activities in the country. Authorities accuse Binance of financing terrorism and money laundering, as well as manipulating the national currency, the naira. According to information from the local central bank, over the past year, more than $26 billion has flowed through Binance, the origin of which raises questions.

Previously, authorities had demanded from Binance a list of the top one hundred Nigerian users and data on all transactions for the last six months, as well as compliance with tax obligations. Failure to comply with the requirements could result in fines of up to $10 billion for Binance. Two senior managers of the exchange are under arrest in Nigeria without formal charges, and a hearing on the case is scheduled for March 20.

In light of these events, the Securities and Exchange Commission of Nigeria has proposed increasing registration fees for crypto companies by 400%, indicating a tightening of regulation of the cryptocurrency industry in the country.