Nigeria sues Binance for $81.5 billion

Nigeria has filed an $81.5 billion lawsuit against Binance. The lawsuit accuses the crypto exchange of tax evasion, money laundering, and violating foreign exchange laws. It includes $2 billion in back taxes and additional penalties.

Binance has not yet responded to these allegations. However, reports suggest that the company plans to contest the lawsuit. This legal battle is not new for Nigeria and Binance.

In 2024, Nigeria accused Binance of tax fraud and manipulating the local currency, which allegedly caused significant economic harm. The latest lawsuit claims that Binance's actions led to an economic loss of $79.5 billion for Nigeria.

The situation escalated last year when Nigerian authorities arrested two Binance executives. This incident created an international dispute. Although the government dropped the charges in October, the new lawsuit indicates ongoing tensions between Nigeria and Binance.

Nigerian officials argue that Binance's operations have negatively impacted the local economy. While Binance has not made an official statement, it is expected to challenge the claims made against it. The previous legal battle showed that diplomatic pressure could influence the outcome, suggesting that Nigeria's case might face difficulties.

In addition to the lawsuit, there are reports that the Nigerian government is in talks with the LIBRA team. They are considering developing a meme coin, similar to crypto initiatives in Argentina.