The conflict between Nigeria and Binance reaches a new summit with an unprecedented judicial complaint. Accusing the platform of tax evasion, money laundering and the manipulation of the foreign exchange market, the Nigerian authorities are demanding staggering compensation. This legal showdown may well redefine the regulatory framework for cryptocurrencies in Africa and beyond.
An unprecedented judicial show between Nigeria and Binance
Nigeria has launched a legal action against Binance, the largest cryptocurrency exchange platform in the world. The State accuses the company of various financial offensesin particular tax evasion, money laundering and foreign exchange market violations.
The extent of the damage claimed is unprecedented, $ 81.5 billion. A sum that far exceeds the previous fines imposed in Binanceincluding that of $ 4.3 billion in the United States in 2023.
🥇 Discover our selection of the best Crypto platforms
The central element of the accusation is based on the idea that Binance would have contributed to the devaluation of the Nairathe local currency, resulting in economic losses estimated at $ 79.5 billion. In addition to these losses, Nigeria claims $ 2 billion in the taxes.
This is not the first time that Binance has been found in the crosshairs of Nigeria. In 2024, the country had already accused the company tax evasion and illegal manipulation of currencies.
The case then took an international turn with The arrest of 2 leaders of Binance. The latter had been detained several months before one of them managed to escape. The other was released in October after diplomatic intervention by the United States.
Buy cryptos on etoro
A judicial response to the uncertain consequences
The new complaint against Binance marks a decisive turning point. This is the third trial brought by Nigeria against the platformwhich testifies to the government's desire to more strictly regulate transactions in cryptocurrencies.
A controversial element of this case is the allegation according to which Binance would have tried to corrupt Nigerian officials With a payment of $ 5 million to obtain the release of its held executive. If these allegations are not yet the subject of official proceedings, they throw an additional shadow on the reputation of the company.
🗞️ Binance.us is back in the United States
The outcome of this legal battle could Have considerable repercussions on the cryptocurrency ecosystem in Africa and beyond. Nigeria, which seeks to strengthen control of its financial sector, recently introduced a national stable, but its adoption remains uncertain.
This initiative is part of a broader desire for regulation, in a market where cryptocurrencies play an increasingly important role.
For the moment, Binance did not officially react to new proceedingsbut everything suggests that the case will be closely followed by investors and regulators around the world.
Create an account on Gemini: the American Exchange that is launching in France
The crypto newsletter n ° 1 🍞
Receive a summary of crypto news every day by email 👌
Certain links present in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner gives us a commission.
Investments in cryptocurrencies are risky. There is no guaranteed high yield, a product with high performance potential implies a high risk. This risk taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital
Cryptoast is the reference French -speaking media on bitcoin, blockchain, cryptocurrencies and web3. Since its launch in 2017, it has attracted more than 10 million annual visits and has more than 500,000 subscribers on its social networks. Cryptoast articles can be viewed on Bloomberg and translated into 9 languages with the code {NH ns5_cryptoast}. The media has also published a book on bitcoin and cryptocurrencies at Larousse editions, affirming its expertise and influence in the field.
