Global cryptocurrency exchange platform Binance has officially acknowledged the $81.5 billion lawsuit filed against it by Nigerian authorities, stating that it is actively engaging with the relevant agencies and will provide updates on the matter.
The Nigerian government recently launched legal action against Binance, accusing the company of enabling illicit financial transactions, manipulating the foreign exchange market, and violating local regulations. The lawsuit marks one of the largest legal battles Binance has faced in Africa, as authorities crack down on unregulated cryptocurrency operations.
In a statement released on Wednesday, Binance assured its Nigerian users and stakeholders that it is cooperating with regulators to resolve the issue.
“We are aware of the ongoing legal proceedings in Nigeria and are engaging with the relevant authorities to address their concerns. Binance remains committed to working with regulators globally and ensuring compliance with local laws,” the statement read.
The lawsuit has sparked debates within the cryptocurrency community, with some experts arguing that it reflects Nigeria’s broader stance on regulating digital assets. While Binance has maintained its dominance in the African crypto space, the legal battle raises concerns about the future of crypto trading in Nigeria.
The Nigerian government has been tightening its grip on digital financial platforms, citing concerns about money laundering, terrorism financing, and economic instability. Analysts predict that the outcome of this case could set a precedent for how cryptocurrency exchanges operate in Nigeria moving forward.
Binance has promised to provide further updates as discussions with Nigerian authorities progress. Meanwhile, many Nigerian traders and investors are closely monitoring developments, as the case could have significant implications for the country’s crypto market.