Nigeria Sues Binance for $81.5B Over Tax Evasion, Money Laundering

Nigeria has launched a significant legal offensive against Binance, suing the cryptocurrency exchange for a staggering $81.5 billion. The lawsuit, filed by the Nigerian government, alleges tax evasion, money laundering, and violations of foreign exchange regulations. The claim includes $2 billion in back taxes, with the remaining amount comprising various penalties.

Binance has yet to publicly address these charges, but reports suggest that the company is contesting them. This sets the stage for a high-stakes legal battle between the Nigerian government and one of the world's largest cryptocurrency exchanges.

This is not the first time Nigeria has clashed with Binance. In 2024, the country accused the exchange of tax fraud and manipulating its currency, causing significant economic damage. The latest lawsuit now claims that Binance's operations have contributed to an economic loss of $79.5 billion for the country.

The conflict between Nigeria and Binance escalated last year when the country arrested two Binance executives, sparking an international dispute. Although the government eventually dropped the charges in October, this new lawsuit indicates that the battle is far from over.

The Nigerian authorities argue that Binance's operations have harmed the local economy. While the exchange has not officially commented on the allegations, it is expected to challenge the claims. Given that diplomatic pressure played a crucial role in the previous legal fight, Nigeria's case could face obstacles.

Meanwhile, reports have surfaced that the Nigerian government is allegedly in discussions with the LIBRA team to develop a meme coin, similar to Argentina's Javier Milei's crypto initiatives. This raises questions about the country's overall approach to cryptocurrency.

With tensions rising, Nigeria's crypto landscape remains uncertain, and Binance's legal troubles in the country appear far from over. As the legal battle unfolds, both parties will need to navigate the complex world of cryptocurrency regulation and international diplomacy.