Nigeria Files $81.5 Billion Lawsuit Against Binance for Tax Evasion
Nigeria has initiated a lawsuit against Binance for $81.5 billion, citing tax evasion, money laundering, and foreign exchange violations. The claim includes $2 billion in back taxes and additional penalties.
- Binance has not publicly responded but is reportedly contesting the charges.
- This lawsuit follows previous accusations of tax fraud and currency manipulation by Nigeria, claiming an economic loss of $79.5 billion.
- The conflict escalated in 2024 with the arrest of two Binance executives, though charges were later dropped.
- Nigerian authorities assert that Binance's operations have negatively impacted the local economy.
- Discussions are ongoing between the Nigerian government and the LIBRA team to create a meme coin, reflecting a complex stance on cryptocurrency.
The situation indicates ongoing legal challenges for Binance in Nigeria, contributing to uncertainty in the country's crypto market.