Nigeria has filed a landmark lawsuit against Binance, demanding $81.5 billion in compensation for economic losses and unpaid taxes. The lawsuit alleges that the cryptocurrency exchange facilitated illicit financial activities, contributing to the naira's depreciation and undermining Nigeria's financial stability.

Major Allegations Against Binance

• Economic Impact: Nigerian authorities claim Binance’s operations have fueled currency instability, leading to $79.5 billion in economic losses.

• Tax Evasion Charges: The Federal Inland Revenue Service (FIRS) accuses Binance of evading $2 billion in taxes, including corporate income tax, VAT, and other levies.

• Regulatory Crackdown: Two Binance executives were detained in 2024, signaling a broader effort to regulate crypto activities in Nigeria.

Nigeria’s Demands and Legal Implications

• The lawsuit seeks a 10% annual penalty on unpaid taxes and a 26.75% interest rate on outstanding amounts.

• If successful, the case could set a global precedent for crypto regulations, affecting other exchanges operating in emerging markets.

Binance’s Response and Global Crypto Regulations

• Binance insists it is cooperating with Nigerian authorities and working to resolve tax disputes.

• The case highlights the growing global scrutiny of cryptocurrency platforms, with governments seeking greater regulatory oversight on digital assets.

This lawsuit marks one of the largest financial claims against a crypto exchange, reshaping the future of digital currency regulation in Africa and beyond.

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