Nigeria sues Binance for $81.5bn, 30% over the exchange's valuation
- Nigeria's FIRS has filed a lawsuit against Binance for $81.5 billion, including $79.5 billion for economic losses and $2 billion in back taxes.
- The lawsuit alleges that Binance operated without proper registration and failed to comply with Nigerian tax laws.
- A Central Bank of Nigeria assessment estimated that Binance's operations caused approximately $79.5 billion in economic damages over six months.
Tech Labari - Feb 19, 2025
Nigeria Sues Binance for $79.5 Billion Over Economic Losses, Taxes
Nigeria has filed a lawsuit against Binance, demanding $79.5 billion in economic losses and $2 billi
The lawsuit against Binance highlights the increasing scrutiny and regulatory challenges faced by cryptocurrency exchanges in Nigeria. This case could set a precedent for how digital asset platforms are regulated in the country and may deter foreign investment in the sector if compliance issues are not addressed.
