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.
