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Almost every week a few lawsuits are filed against crypto-based companies worldwide, as per a recent report by Reuters, Binance has been hit by a lawsuit from the Nigerian government over the accusations of economic losses and $2 billion in back taxes.
It is worth noting that Binance is not registered in Nigeria, and before this lawsuit, the crypto exchange had already faced severe allegations concerning taxes and severe economic losses to the country.
According to data from CoinMarketCap, in spot trading and derivatives trading, Binance is the topper followed by Bybit, OKX, and Bitget. However, among decentralized exchanges in spot trading is dominated by Raydium, and crypto derivative trading Helix is the topper.
As of publishing Bitcoin was trading at $97,332 with a surge of 1.69% in the past 24 hours and a volume of $29.07 billion with a decline of 24.03 percent, the market cap is moving towards the mark of $2 trillion with 1.67%.
Largest crypto exchange under scrutiny
In terms of trading volume, coin listed, and features, Binance stands at the top of the list, with its services in over 100 nations, despite this strong network the exchange continues to face lawsuits over tax evasion, currency devaluation, and money laundering including a few others.
As per experts not only exchanges but other companies offering crypto-based services have faced crackdowns and scrutiny from the agency at the global level.
However, the majority of filed lawsuits mention a point of not complying with rules and regulations, but at the same time, those nations do not have an appropriate set of rules for digital assets.
In addition to the lawsuit, the authorities of Nigeria said Binance was leading its operation with an appropriate license and was found evading taxes. The government of the nation has been seeking roughly $82 billion in economic damages.
In early January 2024, Todayq reported that Binance had come into a legal tussle with the Nigerian government and commission over accusations of contributing to the depreciating value of its national currency.
Since last few weeks, Binance has been closely working with dozens of regulatory agencies worldwide to expand its services, and especially after Trump’s victory crypto base has begun to strengthen its operations.
On February 19, 2025, Todayq also reported that regardless of Binance having a fresh reset in the United States, it is taking cautious steps before taking any decision. As of now, the exchange is waiting for more clarity before moving forward.
In an interview with a prominent media outlet, the chief executive officer of the largest crypto exchange, Richard Teng also highlighted the aggressive stance over crypto during Biden’s government and contrasted it to a more crypto-friendly environment under Trump’s administration.
Some harsh lawsuits against various crypto firms like Coinbase, Ripple, and Binance itself were witnessed during his tenure.
