PANews reported on February 20 that according to Reuters, court documents showed that Nigeria has filed a lawsuit seeking to force Binance to pay $79.5 billion in economic losses because Binance claimed that these losses were caused by its operations in Nigeria and to pay back $2 billion in taxes. After the cryptocurrency website became the preferred platform for trading the local naira currency, the authorities blamed Nigeria's currency woes on Binance, the world's largest cryptocurrency exchange, and detained two executives of the company in 2024.