Nigeria has taken legal action against cryptocurrency exchange Binance, seeking $79.5 billion in damages for alleged economic losses and an additional $2 billion in unpaid taxes over two years, according to court documents reviewed by Reuters on Wednesday.
Binance, which is facing four counts of tax evasion, has not yet commented on the lawsuit but previously stated it was cooperating with Nigeria’s Federal Inland Revenue Service (FIRS) to resolve potential tax liabilities.
The lawsuit follows a broader crackdown on the crypto industry, with Nigerian authorities blaming Binance for the naira’s volatility. In 2024, the government detained two Binance executives after cryptocurrency platforms became central to naira trading.
In addition to tax evasion charges, Binance also faces money laundering allegations from Nigeria’s anti-corruption agency, which the company has denied.
Credit: Reuters (Text Excluding Headline)
