Nigeria has escalated its legal dispute with Binance, the world’s leading cryptocurrency exchange. The Nigerian government is demanding $81.5 billion in damages, accusing Binance of tax evasion and contributing to currency depreciation. 2023’s legal battle comes after an investigation by Nigeria’s Federal Inland Revenue Service (FIRS), alleging a significant tax evasion case worth $2 billion between 2022 and 2023. The FIRS is also seeking interest on the unpaid amount. 79 billion in compensation has been demanded from Binance for their alleged role in the naira’s volatility. Binance executives Tigran Gambaryan and Nadeem Anjarwalla were detained by authorities in February, leading to a discussion surrounding the accusations of destabilizing the local currency. The government later dropped tax evasion charges against them in June, but this lawsuit underscores the ongoing tensions. Nigeria has been tightening regulation on cryptocurrencies and alleges Binance facilitated money laundering and tax evasion. In addition to a $150 million bribe allegation, Gambaryan, now released from detention, claims the Nigerian law makers solicited bribes. 26.75% interest will be applied to unpaid taxes based on the Central Bank of Nigeria’s lending rate. Binance denies allegations, stating that it is not registered in Nigeria and has been cooperating with authorities for tax resolution. The company has halted all naira transactions since March 2023. However, this latest lawsuit comes after Binance faced similar challenges in the U.S., where Binance.US had to suspend fiat deposits due to regulatory restrictions earlier this year. Despite these setbacks, Binance continues to remain a major player in the crypto market.