Cryptocurrencies are gaining ground on the global stage, with many countries starting to recognize crypto in international trade and daily use.
However, the greater its influence, the greater the controversy that follows it.
Most recently, Nigeria took drastic action by suing crypto giant Binance for $81.5 billion, accusing the platform of being the mastermind behind the country's economic collapse.
Of that amount, $79.5 billion is said to be due to economic losses, while $2 billion is allegedly unpaid back taxes.
The suit filed on Wednesday also alleges that Binance evaded corporate income taxes for 2022 and 2023.
Authorities are demanding that the company pay the outstanding amount, plus a 10% fine and 26.75% interest rate on the unpaid taxes.
Nigeria has also arrested two Binance executives, accusing the platform of fueling speculation on the local currency, the naira.
To make matters worse, Binance is now facing money laundering charges that the company has so far denied.
Nigeria clearly doesn't want to just impose a fine – they want to make Binance an example that the government still has the power to determine the fate of digital currencies.
