The Nigerian government has filed a lawsuit against Binance, the world’s largest cryptocurrency exchange, seeking $81.5 billion in damages.
The lawsuit comprises $79.5 billion for alleged economic losses and an additional $2 billion for back taxes covering the years 2022 and 2023.
Authorities accuse Binance of contributing to the devaluation of the Nigerian naira and operating without proper tax registration, violating the country’s financial regulations.
In response, Binance has stated that it is collaborating with Nigeria’s Federal Inland Revenue Service (FIRS) to address any potential historical tax liabilities.
The company has previously denied allegations of wrongdoing, including separate money laundering charges brought by Nigeria’s anti-corruption agency.
This legal action is part of a broader crackdown by Nigerian authorities on cryptocurrency operations within the country.
In 2024, two Binance executives were detained amid allegations of currency manipulation and money laundering, highlighting the government’s intensified efforts to regulate digital asset platforms.
