February 19, 2025
Nigeria has filed a lawsuit against cryptocurrency exchange Binance, seeking to compel the company to pay $79.5 billion for economic losses caused by its operations in the country and $2 billion for two years of back taxes, court documents seen by Reuters showed on Wednesday.
The world’s largest crypto exchange is facing four counts of tax evasion in Nigeria after a government crackdown on the industry last year.
It is contesting the charges.
Authorities blame Binance for Nigeria’s currency woes and detained two of its executives in 2024 after cryptocurrency websites emerged as platforms of choice for trading the local naira currency.
The company is also facing separate money laundering charges by Nigeria’s anti-graft agency, which it has denied.
REUTERS
