NIGERIA DEMANDS $81.5 BILLION FROM BINANCE FOR ECONOMIC DAMAGES AND BACK TAXES

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In a landmark legal move, Nigeria has filed a lawsuit against Binance, the world’s largest cryptocurrency exchange, seeking $79.5 billion in economic damages and an additional $2 billion in back taxes for the past two years.

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This action is part of Nigeria’s intensified crackdown on the cryptocurrency industry, which began last year. Authorities allege that Binance’s operations have contributed to the nation’s currency challenges, leading to the detention of two Binance executives in 2024.

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The company is also under investigation for alleged money laundering, charges it firmly denies. In response, Binance has expressed its commitment to cooperating with Nigeria’s Federal Inland Revenue Service to resolve any outstanding tax issues.