Nigeria is suing cryptocurrency exchange Binance for $81.5 billion, alleging the firm’s operations have hobbled its struggling economy, Reuters reported Wednesday.
The Nigerian government’s lawyers are seeking to compel Binance to pay $79.5 billion for allegedly kneecapping their country’s economy and tanking its official currency, the naira, according to court documents reviewed by Reuters.
They are also aiming to secure $2 billion in back taxes the firm allegedly owes Nigerian authorities, the publication reported.
The lawsuit is the latest of several legal tussles between Nigerian authorities and Binance, most notably including the imprisonment of a Binance executive for much of 2024 in a headline-grabbing hostage crisis.
The crypto exchange has emerged as a popular alternative to Nigeria’s deeply troubled financial system over the past few years. However, Nigerian officials have blamed Binance for their country’s economic woes, hurling money laundering and tax evasion charges at the firm.
Binance rises as the naira falls
Binance has operated as an unregistered business in Nigeria since at least 2019, according t…
