Binance Sued for $81.5B Over Tax Evasion & Naira Depreciation: Nigerian Government Demands Action

Nigeria is escalating its legal dispute with Binance, the world’s largest cryptocurrency exchange. The Nigerian government is seeking a staggering $81.5 billion in damages, accusing Binance of tax evasion and contributing to currency devaluation. The allegations stem from FIRS’ claims that Binance failed to pay $2 billion in taxes between 2022 and 2023. This has resulted in demands for an additional $79 billion in compensation, arguing that Binance’s trading platform exacerbated the volatility of the Nigerian Naira.