Nigeria Sues Binance: A $79.5 Billion Crypto Clash

Nigeria has filed a lawsuit demanding $79.5 billion from Binance, blaming the cryptocurrency exchange for economic losses and unpaid taxes. The charges include tax evasion and aiding tax avoidance. Binance, unregistered in Nigeria, denies all allegations and is contesting the charges in court.

Nigeria has launched a formidable legal battle against international cryptocurrency exchange Binance, seeking $79.5 billion in damages and back taxes. The lawsuit, filed by Nigerian authorities, accuses Binance of triggering economic losses within the country and demands substantial compensation and accountability.

Central to Nigeria's case is the assertion that Binance, despite not being registered within Nigerian borders, maintained a 'significant economic presence' and should be subject to corporate income tax. Documents reveal allegations of unpaid taxes for 2022 and 2023, along with a 10% annual penalty, a claim which Binance is vigorously contesting.

Additionally, Binance faces accusations of money laundering and tax evasion, including non-payment of value-added tax, corporate tax, and aiding tax evasion via its platform. Despite the mounting legal pressures, Binance has stopped operations related to the naira currency and denies any wrongdoing, setting the stage for a protracted legal showdown.