Nigeria has initiated a lawsuit against cryptocurrency exchange Binance, demanding the company pay $79.5 billion for economic losses attributed to its operations within the country. Additionally, the lawsuit seeks $2 billion in back taxes for a two-year period, according to court documents reviewed by Reuters on Wednesday.
The legal action underscores the growing tension between the Nigerian government and the cryptocurrency sector, which has been under increased scrutiny globally. The Nigerian government claims that Binance’s activities have caused significant financial harm to the nation’s economy, and it is seeking substantial compensation for the damages.
The case highlights broader concerns around cryptocurrency regulations in emerging markets, with governments increasingly targeting exchanges for non-compliance with local tax and financial laws. As one of the largest cryptocurrency exchanges globally, Binance’s operations are now facing intense legal and regulatory challenges in several jurisdictions, including Nigeria.
This lawsuit marks a significant escalation in Nigeria’s stance against cryptocurrency operations, as the government continues to address concerns over financial stability, tax collection, and regulatory compliance within its borders.
