Nigeria has filed a lawsuit against cryptocurrency exchange Binance, seeking $79.5 billion in damages for alleged economic losses and an additional $2 billion in back taxes, according to court documents released on Wednesday.

The suit, marked FHC/ABJ/CS/1444/2024, was brought before Inyang Ekwo of the federal high court in Abuja on February 11.

Authorities have accused Binance, the world’s largest crypto exchange, of exacerbating Nigeria’s currency crisis. In 2024, the government detained two Binance executives, citing concerns that cryptocurrency platforms were being used for speculative trading of the naira.

Binance, which is not registered in Nigeria, has yet to comment on the lawsuit. However, the company previously stated that it was cooperating with Nigeria’s Federal Inland Revenue Service (FIRS) to address potential historical tax obligations.

The FIRS contends that Binance maintains a “significant economic presence” in Nigeria, making it liable for corporate income tax. The agency is seeking a court ruling to enforce tax payments for 2022 and 2023, along with a 10% annual penalty on any outstanding amounts. Additionally, it is requesting a 26.75% interest charge on unpaid taxes, based on the Central Bank of Nigeria’s prevailing lending rate.

Binance is already facing four counts of tax evasion in Nigeria following a government crackdown on the cryptocurrency sector last year. The charges include failure to pay value-added tax and company income tax, non-filing of tax returns, and allegedly aiding customers in evading taxes.

In March last year, Binance announced it was halting all naira-based transactions and trading activities.

The company is also battling separate money laundering charges filed by Nigeria’s anti-corruption agency, which Binance has denied.