Binance Faces Massive $81.5 Billion Lawsuit From Nigerian Government

The Nigerian government has reportedly filed a lawsuit against Binance, seeking $79.5 billion in compensation for “economic losses” and $2 billion in back taxes. The lawsuit, filed in Federal High Court in Abuja, accuses the cryptocurrency exchange of operating in Nigeria without a license and failing to comply with tax laws.

This lawsuit is the latest escalation in the dispute between Binance and Nigerian authorities. As reported by Bitcoin.com News and other media outlets, the conflict began after officials blamed Binance for contributing to the sharp depreciation of the local currency in early 2024.

In addition to blocking the cryptocurrency exchange, Nigerian officials took steps to compel Binance to pay taxes. Yet, on June 14, 2024, Nigerian authorities dropped tax evasion charges against Binance and its executives, Tigran Gambaryan and Nadeem Anjarwalla.