#Write2Earn billion due to economic losses and back tax

Nigeria has instituted legal proceedings against Binance, seeking USD 79.5 billion in damages for claimed economic losses and USD 2 billion for unpaid taxes. 

According to court documents released on 19 February 2025, Nigerian lawmakers took legal action against Binance, a cryptocurrency exchange operating in the region since 2019, demanding that the company pay USD 79.5 billion in damages for alleged economic losses and USD 2 billion in unpaid taxes. Nigerian authorities blame Binance for the region’s currency troubles and decided to detain two of its executives in 2024 after crypto websites emerged as platforms of choice for trading in the local naira currency.

Furthermore, following a government crackdown on the crypto industry back in 2023, Binance has been subject to criticism in Nigeria, facing four counts of tax evasion. As detailed by Reuters, among these charges, the firm was accused of non-payment of value-added tax (VAT), failure to pay company income tax, overlooking filing tax returns, and supporting customers in evading taxes through its platform. However, Binance contested the charges and announced in March 2024 its plans to halt all transactions and trading in the naira.