Nigeria Sues Binance for $81.5B Over Economic Damage

Nigeria has filed a lawsuit against cryptocurrency exchange Binance, seeking $81.5 billion in damages following a hostage crisis. The Nigerian government alleges that Binance's operations have hindered the country's economy and devalued its official currency, the naira.

The lawsuit, filed by Nigerian lawyers, aims to recover $79.5 billion for the alleged economic damage caused by Binance and $2 billion in back taxes owed to the Nigerian authorities. This legal action is the latest in a series of disputes between Nigerian authorities and Binance, including the imprisonment of a Binance executive in 2024 during a high-profile hostage crisis.

Binance has emerged as a popular alternative to Nigeria's troubled financial system, with locals using the exchange to convert their naira into stablecoins and other cryptocurrencies. However, Nigerian officials have blamed Binance for the country's economic woes, accusing the firm of money laundering and tax evasion. The naira has depreciated by more than 70% against the U.S. dollar since 2023, and Nigeria's annual inflation rate stood at 24.48% in January 2025.

Binance has faced legal issues in Nigeria in recent years, including tax evasion charges and money laundering accusations. In 2024, one of the company's executives, Tigran Gambaryan, was arrested and imprisoned for several months. Although Gambaryan was later released, Binance still faces money laundering charges brought by Nigeria's anti-corruption agency. The company is set to go to trial next week to dispute these allegations.