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NEWS: Nigeria suing Binance for $81.5 billion in economic losses and back tax

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Binance logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File photo

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BREAKING: Revolut fined record €3.5 million by Lithuania for AML breaches

NEWS: GDPR revamp should tackle fincrime, online scams – top MEP tells EU Commissioner

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NEWS: Christine Lagarde calls for EU to end reliance on Visa and Mastercard

By Camillus Eboh

NIGERIA has filed a lawsuit seeking to compel cryptocurrency exchange Binance to pay $79.5 billion for economic losses it says were caused by its operations in the country and $2 billion in back taxes, court documents show.

Authorities blame Binance, the world’s largest crypto exchange, for Nigeria’s currency woes and detained two of its executives in 2024 after cryptocurrency websites emerged as platforms of choice for trading the local naira currency.

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Premium

BREAKING: Revolut fined record €3.5 million by Lithuania for AML breaches

NEWS: GDPR revamp should tackle fincrime, online scams – top MEP tells EU Commissioner

 Premium

NEWS: Christine Lagarde calls for EU to end reliance on Visa and Mastercard

Regulatory Watch News

  • Adoption of the revised EBA guidelines on money laundering and terrorist financing risk factors

    CSSF

    These amending Guidelines complement the Guidelines on ML/TF risk factors by addressing the specific risks associated with crypto-assets and crypto-asset service providers (“CASPs”) and by providing for measures that CASPs and other credit and financial institutions should take to manage these risks.

  • Nearly a quarter of young adults admit to bank loan fraud – Cifas research

    CIFAS

    • Latest research underpins consumer ‘acceptance’ of first party fraud
    • 12% of adults say they or someone they know have deceived their bank
    • Warning that fraud rules may unintentionally encourage more dishonest claims
    Around 1 in 4 (24%) 25-34-year-olds have either lied to their bank or know someone who has in the last 12 months, claiming a loan has been fraudulently applied for so they avoid repayments. That’s according to the latest Fraud Behaviours Survey findings from UK-leading fraud prevention service, Cifas.

  • Croatia: EPPO conducts investigative measures in probe into abuse of position and authority at Ministry of Foreign and European Affairs

    European Public Prosecutor's Office

    (Luxembourg, 8 April 2025) – The European Public Prosecutor’s Office (EPPO) in Zagreb (Croatia) and  the Office for the Suppression of Corruption and Organised Crime (USKOK) are jointly carrying out urgent evidence collecting activities today, in an investigation into possible illegal use of funds at the Ministry of Foreign and European Affairs.

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