The Nigerian government has filed a lawsuit against Binance, accusing the crypto exchange of causing economic losses and evading $2 billion in back taxes, according to a Reuters report.
While Binance is not registered in Nigeria, this lawsuit follows previous allegations regarding its tax compliance and economic impact in the country.
Globally, Binance remains the leading exchange in both spot and derivatives trading, followed by Bybit, OKX, and Bitget, according to CoinMarketCap.
Meanwhile, Raydium dominates decentralized spot trading, while Helix leads in crypto derivatives trading.
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.