Nigeria Files $81 Billion Lawsuit Against Binance

Nigeria has initiated a legal action against Binance, the world’s largest cryptocurrency exchange, seeking $81.5 billion in compensation for alleged economic damages and unpaid taxes.

According to Reuters, which referenced court documents, Nigerian authorities hold Binance accountable for the country’s currency problems.

The lawsuit demands a court mandate for Binance to pay corporate income taxes for the years 2022 and 2023, in addition to a 10% annual penalty on any outstanding amounts.

This lawsuit follows a turbulent period for Binance in Nigeria. Last year, two Binance executives were detained, although the Nigerian government later dropped money laundering charges against one of them, Tigran Gambaryan, amid diplomatic pressure.