Nigeria launched a legal battle against the world’s largest cryptocurrency exchange Binance BNB/USD on Wednesday, demanding $81.5 billion in compensation for purported economic damages and unpaid taxes.
What Happened: Nigerian authorities are blaming Binance for the country’s currency issues, Reuters reported, citing court documents. The lawsuit is seeking a court order for Binance to pay corporate income taxes for 2022 and 2023, along with a 10% annual penalty on unpaid amounts.
See Also: Bitcoin ‘Early In Bull Market,’ Can Compete With Gold ETFs, Blockstream CEO Says
The lawsuit comes on the heels of a contentious period for Binance in Nigeria. Last year, two Binance executives were detained, with the Nigerian government later dropping money laundering charges against one of them, Tigran Gambaryan, amid diplomatic pressure.
Binance didn’t immediately respond to Benzinga’s request for comment.
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