Nigeria Sues Binance for $81.5 Billion Over Economic Losses and Taxes

In Brief:

Nigeria is demanding $79.5 billion in economic damages and $2 billion in back taxes from Binance.

The government blames Binance for currency devaluation issues and arrested two senior executives in 2024.

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Nigeria has officially filed a lawsuit against Binance, alleging that the exchange’s activities contributed to economic instability and the devaluation of the Naira. Authorities claim that Binance facilitated unregulated currency trading, which led to financial losses for the country.

In addition to seeking $81.5 billion, Nigeria accuses Binance of tax evasion, demanding $2 billion in unpaid taxes. The legal battle follows the arrest of two Binance executives in 2024, further escalating tensions between the government and the crypto exchange.

This lawsuit reflects a growing crackdown on cryptocurrency platforms by governments concerned about financial stability and regulatory oversight.

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