Nigeria Seeks $81B from Binance in Tax, Inflation Lawsuit

Nigeria has filed a lawsuit against Binance, the world's largest cryptocurrency exchange, seeking more than $81 billion in fines and taxes. The government is demanding $2 billion in back taxes and alleges that Binance has caused the country to suffer $79.5 billion in economic losses due to currency inflation.

The lawsuit comes after a long-standing legal battle between Nigeria and Binance. In 2024, the country charged Binance with tax evasion and claimed that the exchange facilitated illegal currency manipulation. The dispute led to the arrest of two Binance executives, which turned into a major international incident. The Nigerian government eventually dropped the charges last October.

Nigeria's latest lawsuit against Binance includes charges of tax evasion, money laundering, and foreign exchange violations. The $81.5 billion demand for damages seems unusually high, given the nature of the charges. However, it is unclear whether Binance will return to Nigeria in the near future, as the firm has not yet commented on the proceedings.

Meanwhile, reports suggest that the Nigerian government is in talks with the LIBRA team to create a sketchy meme coin, similar to Argentina's Javier Milei. This development highlights the country's ongoing struggles in the cryptocurrency sector.