Nigeria’s Federal Inland Revenue Service (FIRS) has sued Binance for claims exceeding 79 billion USD in economic damages and 2 billion USD in owed taxes, alleging illegal business practices.

This is not the first legal issue for Binance; they faced tax evasion accusations in March 2024, which resulted in the jailing of two executives for their role in these alleged offenses.

In addition to these challenges in Nigeria, Binance is being investigated by the U.S. Department of Justice, which includes potential penalties related to alleged money laundering activities.