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Binance Sued By Nigeria For $81.5 Billion

Nigeria has filed an $81.5 billion lawsuit against Binance, including $2 billion in back taxes and additional fines.

Haider Jamal
February 20, 2025

Nigeria Vs. Binance
Binance has faced legal issues with Nigeria since 2024, when the country accused the exchange of tax evasion and currency manipulation. The latest lawsuit claims Binance caused Nigeria to lose $79.5 billion in economic value.

The legal battle escalated when Nigeria arrested two Binance executives, though charges were dropped in October. The current charges include tax evasion, money laundering, and foreign exchange violations, with the $81.5 billion demand seeming exceptionally high.

Return Unlikely

In any case, Binance is unlikely to return to Nigeria soon. Still, the world’s biggest cryptocurrency exchange is expected to contest the charges, but neither party has publicly commented yet.

Additionally, reports suggest Nigeria is in talks with the LIBRA team about creating their own meme coin, signaling a troubling outlook for the country’s crypto scene.

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Haider Jamal

Content Strategist

Haider is a fintech enthusiast and Content Strategist at CryptoWeekly with over four years in the Crypto & Blockchain industry. He began his writing journey with a blog after graduating from Monash University Malaysia. Passionate about storytelling and content creation, he blends creativity with insight. Haider is driven to grow professionally while always seeking the next big idea.