Nigeria’s authorities are outraged by the actions of Binance, the world’s largest cryptocurrency exchange. They accuse the platform of fraud. So, Binance should brace for legal battles.
The Nigerian government has filed a $81.5-billion lawsuit against the global crypto exchange, demanding full compensation for economic losses and unpaid taxes.
The authorities are seeking $81.5 billion, $79.5 billion of which accounts for budgetary losses allegedly caused by Binance’s operations. According to Nigerian officials, Binance is to blame for the country’s currency crisis. The exchange has had a significant economic presence in Nigeria but was never officially registered. Therefore, it owes huge money in corporate taxes to the public purse. At the same time, trading the local currency, the naira, remained a key priority on the platform—a situation that lasted for several years.
Previously, Binance’s management faced four tax evasion charges in Nigeria, which the company is currently litigating. Interestingly, in March 2024, Binance announced the termination of all transactions and trading operations involving the naira.
