Although Binance is expected to challenge these charges, neither the company nor Nigerian authorities have issued an official statement.
Renewed Legal Battle Between Nigeria and Binance
Binance, one of the world’s largest cryptocurrency exchanges, has had a contentious history with Nigeria. In 2024, the country accused the exchange of tax evasion and facilitating illicit currency manipulation. That initial confrontation marked only the beginning of a prolonged legal struggle. Now, Nigeria has escalated its actions by filing a fresh lawsuit demanding $81.5 billion in damages.
Government reports allege that Binance played a significant role in devaluing Nigeria’s currency, with the lawsuit asserting that the platform’s activities have led to $79.5 billion in economic losses.
The dispute between Nigeria and Binance intensified last year when two Binance executives were arrested, sparking an international controversy. While Nigerian authorities eventually dropped the charges in October, this latest lawsuit suggests that the country’s crackdown on Binance is far from over.
Nigeria has accused Binance of tax evasion, money laundering, and foreign exchange violations. However, even with this extensive list of allegations, the $81.5 billion demand appears extraordinarily high.
While outright ignoring the lawsuit is unlikely to be a viable long-term strategy, Binance seems disinclined to reengage with the Nigerian market. So far, the company has remained silent on the case, though reports indicate it is actively contesting the claims.
Given that international diplomatic pressure played a decisive role in the previous legal battle, Nigeria’s chances of securing such an enormous settlement seem uncertain.
Meanwhile, reports have surfaced suggesting that the Nigerian government has been in discussions with the LIBRA team, potentially exploring the launch of a questionable meme coin—reminiscent of Argentina’s experiment under Javier Milei. Overall, Nigeria’s cryptocurrency landscape remains fraught with uncertainty.
