Nigeria has lodged a lawsuit against the crypto exchange Binance totaling $81.5 billion, accusing it of tax evasion, money laundering, and violating foreign exchange laws.
Nigeria's Lawsuit Against Binance
The lawsuit from Nigeria against Binance demands $81.5 billion, of which $2 billion are back taxes, and the remaining amount accounts for additional penalties. The accusations include tax evasion, money laundering, and breaches of foreign exchange legislation.
Previous Conflicts and Escalation
The legal battles between Nigeria and Binance started in 2024 with charges of tax fraud and currency manipulation. Last year, the situation escalated when Nigerian authorities arrested two Binance executives. Although the charges were dropped in October, the new lawsuit highlights ongoing tensions.
Plans for Development and Meme Coin
Alongside the lawsuit, the Nigerian government is in discussions with the LIBRA team about developing a meme coin, similar to crypto initiatives seen in Argentina.
While Binance has yet to release an official statement, the company is expected to challenge the allegations. The situation underscores the tensions between Nigeria and the exchange, which may lead to further international disputes.
