Nigeria Sues Binance

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Nigeria has initiated a lawsuit against crypto exchange Binance, seeking $79.5 billion for alleged economic damages attributed to the exchange’s activities in the country, along with $2 billion in unpaid taxes, according to court documents released on Wednesday.

Authorities hold Binance responsible for the country’s currency issues and detained two of its executives in 2024, citing that cryptocurrency platforms have become popular venues for trading the local naira.

The company has previously stated that it is collaborating with Nigeria’s Federal Inland Revenue Service to address any potential historical tax obligations.

According to documents viewed by Reuters, the inland revenue service argues that Binance has a “significant economic presence” in Nigeria, making it subject to corporate income tax.