Binance is sued for 80 billion dollars in Nigeria.

The government of Nigeria has filed a lawsuit against Binance for 79.5 billion dollars, accusing the cryptocurrency exchange of contributing to the collapse of the naira and the country's economic crisis. Authorities claim that Binance facilitated monetary speculation, tax evasion, and money laundering, which would have severely affected Nigeria's financial stability.

The Nigerian government argues that Binance operated without a license since 2019 and did not pay corporate taxes or file tax returns between 2022 and 2023. Furthermore, the Federal Revenue Service demands penalties and an interest of 27% on tax debts. According to the Economic and Financial Crimes Commission, the platform facilitated the laundering of 35 million dollars.

The legal conflict includes the detention of two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, who were arrested during the investigation. Subsequently, Anjarwalla managed to escape, while Gambaryan remains in custody facing charges of money laundering. The dispute has raised concerns about the regulation of the crypto industry in Nigeria.