The Nigerian government has filed a lawsuit against Binance, the world’s largest cryptocurrency exchange, seeking $81.5 billion in damages over alleged economic losses and unpaid back taxes.
Authorities accuse Binance of facilitating unregulated financial transactions that have contributed to currency devaluation and tax evasion in Nigeria.
The lawsuit follows increased government scrutiny of cryptocurrency platforms, with officials alleging that Binance has enabled illegal forex trading and capital flight. 
The Federal Inland Revenue Service (FIRS) is also investigating Binance for non-compliance with tax laws, demanding that the company provide records of its Nigerian users.
The case is expected to set a precedent for how African nations regulate cryptocurrency exchanges operating within their jurisdictions. Binance has yet to respond to the lawsuit.
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