The Nigerian government has filed a lawsuit against cryptocurrency exchange Binance, demanding $79.5 billion in damages for alleged economic losses and an additional $2 billion in back taxes, court documents revealed on Wednesday.
Authorities blame Binance, the world’s largest crypto exchange, for the country’s currency challenges, citing its platform as a key driver of naira volatility. The crackdown on the crypto industry led to the detention of two Binance executives in 2024.
Binance, which is not registered in Nigeria, has not yet responded to the lawsuit. However, it previously stated that it was cooperating with Nigeria’s Federal Inland Revenue Service to resolve potential tax liabilities.