Nigeria has launched an $81.5 billion lawsuit against Binance, while Binance’s US arm moves forward by restoring ACH bank transfer payments. Let’s explore what led to both these events and how Binance exchange plans to move forward.
Nigeria Sues Binance for $81.5 Billion
The charges include tax evasion, money laundering, and foreign exchange violations. This legal battle marks the latest chapter in Nigeria’s ongoing efforts to regulate crypto trading within its borders.
With Binance reportedly contesting the charges, the case is shaping up to be a high-profile standoff with global implications. The lawsuit not only highlights Nigeria’s concerns over cryptocurrency’s impact on its economy but also raises questions about regulatory pressures facing crypto exchanges worldwide.
The Allegations: Why Nigeria is Taking Binance to Court
Nigeria’s lawsuit against Binance stems from a series of financial and economic allegations. Among the most serious claims, the government argues that Binance’s operations contributed to the devaluation of the Nigerian naira, supposedly resulting in a staggering $79.5 billion in economic losses.
This legal action follows a tumultuous history between Binance and Nigerian authorities. In 2024, Nigeria accused Binance of tax evasion and foreign exchange violations. Following the accusations, the government illegally detained two Binance executives, sparking international controversy before releasing them in October 2024.
The latest lawsuit intensifies the confrontation, with Nigeria now demanding billions in fines and taxes. The charges signal a tougher stance on cryptocurrency regulation, as Nigeria seeks to regain control over its financial markets.
Binance’s Response: A Legal Battle Ahead?
So far, Binance has not issued an official public statement regarding the lawsuit. However, reports indicate that the company is actively contesting the charges. Given Binance’s previous legal disputes and global influence, a prolonged legal battle appears likely.
International diplomatic pressure could once again play a role. When Nigerian authorities arrested Binance executives last year, foreign intervention helped secure their release. If similar pressure mounts, it could affect the outcome of this case.
In the meantime, Binance is unlikely to return to the Nigerian market anytime soon, as tensions between the exchange and government regulators continue to rise.
Crypto Regulation in Nigeria
While Nigeria aggressively pursues Binance, reports suggest the government may be exploring its own crypto initiatives. Allegations have surfaced that Nigerian officials are in discussions with the LIBRA team, possibly working on a meme coin project similar to Argentina’s recent crypto developments.
This raises intriguing questions:
- Is Nigeria attempting to control digital assets while keeping foreign exchanges at bay?
- Could a government-backed crypto initiative emerge as an alternative to private exchanges?
Regardless of the government’s next move, it is clear that Nigeria’s crypto market has its share of challenges and controversies, with Binance at the center of the storm.
Binance.US Resumes USD Deposits After Nearly Two Years
In a significant development, Binance.US has restored USD deposits and withdrawals after nearly two years of restrictions. This long-awaited update marks a turning point for U.S. customers, who can now deposit and withdraw dollars via bank transfer (ACH).
The announcement, made on February 19, 2025, signals Binance.US’s efforts to regain its position in the U.S. market after facing regulatory hurdles.
Top exchanges in United States:
What Led to the USD Service Suspension?
The resumption of USD deposits follows a turbulent period for Binance.US, which faced mounting regulatory scrutiny:
- June 2023: The SEC sued Binance.US, alleging it was operating as an unregistered securities exchange.
- Banking Partners Withdrew Support: Due to legal uncertainty, Binance.US lost access to banking services, forcing it to shift to a crypto-only model.
- Joint Motion with SEC: In February 2025, Binance.US and the SEC requested a 60-day stay in their legal proceedings, potentially paving the way for a resolution.
With regulatory conditions improving, Binance.US has now secured new banking partners, allowing it to reopen USD transactions for its customers.
What Services Are Available Now?
As Binance.US restores fiat transactions, customers can once again:
- Link U.S. bank accounts for seamless deposits and withdrawals
- Buy and sell crypto directly using USD
- Trade on USD pairs, with initial support for 10 cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Hedera (HBAR), Shiba Inu (SHIB), Cardano (ADA), Sui (SUI), Steller (XLM), and Binance Coin (BNB).
What This Means for Binance.US and the U.S. Crypto Market
With Coinbase and Kraken currently dominating the U.S. exchange market, Binance.US’s return to full fiat operations could help it regain market share. The resumption of USD deposits is also a positive signal for crypto investors, as it reflects a more stable regulatory environment in the U.S.
The coming months will be crucial for Binance.US as it navigates legal challenges while striving to reestablish itself as a leading exchange for U.S. traders.
The Future of Binance: Legal Battles and Market Recovery
The contrasting developments in Nigeria and the U.S. highlight the challenges and opportunities Binance faces worldwide. While Binance Nigeria confronts an $81.5 billion lawsuit, Binance.US is working toward rebuilding its services.
As the world’s biggest exchange Binance is always going to be in the legal spotlight. However, its ability to adapt and overcome legal challenges will ultimately determine its long-term success.
