Nigeria sues crypto giant Binance for $81.5bn in economic losses and back tax

<p>Authorities blame crypto exchange, already facing four counts of tax evasion in the country, for currency woes</p><p><a href="https://www.theguardian.com/world/nigeria">Nigeria</a> has filed a lawsuit seeking to compel <a href="https://www.theguardian.com/business/binance">Binance</a> to pay $79.5bn for economic losses the country’s government says were caused by the <a href="https://www.theguardian.com/technology/cryptocurrencies">cryptocurrency</a> exchange’s operations there and $2bn in back taxes, court documents showed on Wednesday.</p><p>Authorities blame Binance, the world’s largest crypto exchange, for Nigeria’s currency woes and detained two of its executives in 2024 after crypto websites emerged as platforms of choice for trading the local naira currency.</p> <a href="https://www.theguardian.com/technology/2025/feb/19/nigeria-binance-crypto-lawsuit">Continue reading...</a>