Binance Sued Over $81.5 Billion in Damages: What You Need to Know

The Nigerian government has escalated its legal conflict with Binance, the world’s largest cryptocurrency exchange. Officials are demanding over $81.5 billion in damages, alleging tax evasion and contributing to Nigeria’s naira currency depreciation. FIRS accuses Binance of failing to pay $2 billion in taxes between 2022 and 2023, and claims it has a role in the currency’s volatility. The Nigerian government is seeking compensation totaling $79 billion for alleged economic damage caused by the exchange’s trading activities.