Binance sued in Nigeria and ordered to pay up to $81 billion in fines

According to Golden Finance, Nigerian authorities have sued cryptocurrency exchange Binance, demanding compensation of over $79 billion in economic losses and $2 billion in retroactive taxes. The amount is almost 19 times the $4.3 billion fine paid by Binance after admitting to violating US banking laws in 2023. According to reports, the Federal Tax Service (FIRS), the Nigerian tax authority, also claims that Binance is illegally operating within the country.