Nigeria Sues Binance for $81.5 Billion

Nigeria Sues Binance for $81.5 Billion in Economic Losses and Unpaid Taxes

• Nigeria has filed a lawsuit against Binance, seeking $79.5 billion for alleged economic losses and $2 billion in unpaid taxes.
• The case was filed at the Federal High Court in Abuja, accusing Binance of tax evasion and foreign exchange violations.
• Authorities claim Binance failed to register for tax compliance, violating the Companies Income Tax Act.
• The Federal Inland Revenue Service (FIRS) demands tax payments for 2022 and 2023, with penalties and interest.
• Binance executives have faced detainment over accusations of manipulating exchange rates and money laundering.

Nigeria’s lawsuit against Binance seeks $81.5 billion due to alleged economic losses and unpaid taxes, highlighting significant regulatory challenges for cryptocurrency exchanges operating within the country.