Nigeria Demands $81.5 Billion from Binance for Economic Losses and Unpaid Taxes
Nigeria has taken legal action against Binance, the world’s largest cryptocurrency exchange, demanding $79.5 billion in compensation for alleged economic losses and an additional $2 billion for unpaid taxes over the past two years, according to court documents reviewed by Reuters on Wednesday, February 19, 2025.
While Binance has not yet issued a statement on the lawsuit, the company previously stated that it is cooperating with Nigeria’s Federal Inland Revenue Service (FIRS) to address any outstanding tax obligations.
The exchange is currently facing four counts of tax evasion following a government crackdown on the crypto industry last year. Binance has contested these charges.
Nigerian authorities have linked the platform to the country’s currency instability and detained two of its executives in 2024, citing concerns over cryptocurrency websites being used for naira trading.
Additionally, Binance is also under investigation for alleged money laundering by Nigeria’s anti-corruption agency—a claim the company has denied.
Source: Reuters
