19-2-2025 – The Nigerian government has launched a staggering $79.5 billion lawsuit against Binance, the world’s largest digital currency exchange, our correspondent reports.
Court documents obtained exclusively reveal that Nigerian authorities are demanding $79.5 billion in compensation for alleged economic damages inflicted by the exchange’s operations, alongside $2 billion in unpaid tax revenues spanning two years.
The legal offensive marks a significant escalation in Nigeria’s ongoing cryptocurrency crackdown, with Binance facing four separate counts of tax evasion. The exchange’s troubles in Africa’s largest economy deepened earlier this year when Nigerian officials detained two of its senior executives, citing concerns over the platform’s role in unofficial currency trading.
Nigerian financial regulators have pointed fingers at Binance’s operations for contributing to the nation’s currency crisis, as cryptocurrency platforms increasingly became favoured venues for naira trading, potentially undermining official exchange channels.
When approached for comment, Binance remained tight-lipped about the lawsuit. However, the company had previously stated it was engaged in discussions with Nigeria’s Federal Inland Revenue Service (FIRS) to address potential historical tax obligations.
The exchange faces additional challenges from Nigeria’s anti-corruption agency, which has filed separate money laundering charges – allegations that Binance vehemently denies.
This legal confrontation emerges amid growing global scrutiny of cryptocurrency exchanges, with Nigeria taking perhaps the most aggressive stance yet against alleged financial irregularities in the digital currency sector.
