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Nigeria Sues Binance for $79.5 Billion in Losses, $2 Billion Tax
Nigeria has filed a lawsuit against cryptocurrency exchange Binance, seeking $79.5 billion for alleged economic losses and $2 billion in unpaid taxes.
The case, filed at the Federal High Court in Abuja, accuses Binance of tax evasion, foreign exchange violations, and contributing to the instability of the local currency, the naira.
Nigeria Sues Binance for $79.5 Billion in Losses, $2 Billion Tax
According to court documents, Nigeria’s Federal Inland Revenue Service (FIRS) claims Binance failed to register for tax compliance while operating in the country. Authorities argue that the exchange has a “significant economic presence” in Nigeria and is liable for corporate income tax under the Companies Income Tax Act and the Federal Inland Revenue Service Act.
The FIRS is demanding tax payments for 2022 and 2023, along with a 10% penalty on unpaid amounts. Additionally, the agency seeks a 26.75% interest rate on overdue taxes, based on the Central Bank of Nigeria’s lending rate. The lawsuit also accuses Binance of violating financial regulations by facilitating tax evasion through its platform.
The filing states Binance could be held responsible for financial losses linked to currency speculation and unauthorized transactions. Authorities claim the platform enabled illicit financial activities that worsened the depreciation of the naira.
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Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Top 4 Altcoins to Sell Before US-China Trade War Extends Beyond 125% Tariffs
The altcoins are on a constant decline as investors jump to sell their tokens. The crypto market still struggles to recover from the trade war. More importantly, the fear is building as Donald Trump has increased the tariff on China to 125%. In contrast, China has implemented an 85% tariff on US imports, intensifying the US-China trade war situation. In this turmoil, the cryptos could face further uncertainty and even collapse.
Top 4 Altcoins to Sell Amid US-China Trade War
The US-China tariff trade war has become one of the most bearish factors for the crypto market. All the digital assets, including Bitcoin, are struggling with extreme whale movements and downtrends. More importantly, the recovery is vague, so consider FTX Token (FTT), Toncoin (TON), Shiba Inu, Pi Coin, and a few other altcoins to sell.
1. FTX Token (FTT)
FTT faced a massive downtrend with the collapse of the FTX exchange. More importantly, its recovery from the drop is still vague, with the prime being 98.93% away from current levels. Now, the risk is building as Binance’s ‘vote to delist’ includes this struggling altcoin. If that happens, the token may face a further downtrend.
2. Toncoin (TON)
In early 2024, TON was among the best-performing cryptos, but that changed with the regulatory issues with Telegram and Pavel Durov. As a result, it crashed and has been under consolidation ever since, making it among the top choices for altcoins to sell.
3. Shiba Inu (SHIB)
Shiba Inu is known as the second biggest and top meme coin but is under scrutiny due to the declining demand for these meme-themed cryptos. Experts believe that these cryptos may never make a complete recovery from their drops as they lack utility and trend and face high competition.
At present, the SHIB price is on the recovery trail but may crash amid the US-China trade war, making it the right time to sell along with other struggling cryptos.
4. Pi Coin (PI)
Pi Coin is often a topic of discussion, as the crypto community is split between calling it the scam coin and the profitable coin. Since its launch, it has witnessed a significant uptrend, gaining investors’ attention, but the downfalls were also persistent. With regulatory concerns and Binance’s pending listing, its credibility is low.
Bottom Line
The recent crypto market crash has been in constant turmoil for weeks, losing billions in liquidations. Many digital assets have lost all the gains they made during the Trump presidency-influenced bull run, and if the US-China trade war continues, the loss can extend. As a result, investors must consider struggling altcoins like FTT, Shiba Inu, and others to sell.
Frequently Asked Questions (FAQs)
Donald Trump has increased the tariff to 125% on China, whereas China has implemented 85% tariffs on the US.
FTT, PI, SHIB, and TON are the poor-performing altcoins that investors can consider to sell.
As Trump’s trade war extends, the uncertainty is rising in the crypto market, but it may recover with time with rising investor activity.
Pooja Khardia
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Asset manager 21Shares has filed with the US Securities and Exchange Commission (SEC) to offer a Dogecoin ETF. This development comes just as the Dogecoin price rebounds following a wave of sell-offs which saw it drop to as low as $0.14.
21Shares Files For Dogecoin ETF With US SEC
21Shares has filed the S-1 form for its Dogecoin ETF with the US SEC. The asset manager becomes the third to file for a DOGE ETF, joining Grayscale and Bitwise. The next step is for the asset manager, through an exchange, to file the 19b-4 form for this fund, which will officially kickstart the process towards a potential approval from the Commission.
Interestingly, this filing comes on the same day 21Shares launched its Dogecoin ETP on the SIX Swiss Exchange through its partnership with the House of Doge. These two will collaborate again if the SEC approves this ETF, as the asset manager revealed in the prospectus that the House of Doge, the corporate arm of the Dogecoin Foundation, will help in marketing the fund.
Meanwhile, the top crypto exchange, Coinbase, will be the Trust’s custodian. The ETF will hold Dogecoin and provide institutional investors an avenue to gain exposure to the top meme coin.
This undoubtedly provides a bullish outlook for the Dogecoin price, as this move could boost the meme coin’s adoption and further drive inflows into its ecosystem.
DOGE Forms Bullish Divergence
Amid 21Shares’ Dogecoin ETF filing, crypto analyst Kevin Capital has revealed that a daily bullish divergence on DOGE’s chart is starting to play out. He remarked that this development is obviously mostly due to the macro news, but nonetheless, the charts were already hinting at this possibility.
This macro news is Donald Trump’s decision to halt reciprocal tariffs for 90 days. Dogecoin and the broader crypto market rebounded on the back of this news.
However, it remains to be seen if this would be a bullish reversal or a bear trap. As CoinGape reported, crypto analyst Master Kebobi stated that the bottom is in for the top meme coin and predicts that the Dogecoin price would rally to the much-anticipated $1 level in the coming months.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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What Next For Crypto Market As China, EU Announce Retaliatory Tariffs On US Goods?
The crypto market is currently in a state of uncertainty and risks further downside as China and the EU announce retaliatory tariffs on US goods. Some analyses suggest that the market could drop lower, led by Bitcoin, while others indicate that this might be the bottom, regardless of whether the trade war persists.
What Next For Crypto Market As China, EU Announce Tariffs
The crypto market is at risk of a further crash, with the Bitcoin price possibly dropping to new lows following China and the EU’s announcement of retaliatory tariffs on US goods. According to a CNN report, China announced 84% tariffs on US imports, which will become effective from April 10.
Meanwhile, the EU has announced plans to impose 10% and 25% tariffs on US imports, effective April 15. As CoinGape reported, the crypto market witnessed another crash yesterday following news that the US would impose 104% tariffs on China, which took effect today.
Crypto analysts such as Rekt Capital have suggested that the Bitcoin price risks dropping lower in the short term amid this tariff war. In an X post, Rekt Capital stated that BTC is experiencing downside continuation after upside wicking into the early March weekly lows.
He added that having confirmed this red level as new resistance, the Bitcoin price is now dropping into the $71,000 to $83,000 volume gap to fill this market inefficiency.
Meanwhile, crypto analyst CrediBULL Crypto suggested that BTC could still drop lower to suck the liquidity at the higher timeframe demand between $69,000 and $74,000.
Bullish Case For The Market
Market expert Anthony Pompliano has again raised the possibility of the US Federal Reserve intervening in the tariff war by announcing an emergency cut rate. Pompliano noted that the increasing 10-year yield likely pushes the Fed closer to acting in emergency fashion.
As CoinGape reported, Fed Chair Jerome Powell could announce an emergency rate cut as Trump’s tariffs persist. This would be bullish for the crypto market, as the US Central Bank’s easing monetary policies would inject more liquidity into crypto assets.
US President Donald Trump also recently stated that it is a great time to buy, which could mark the bottom for the market. Crypto analyst MikyBull Crypto noted that the president has made the same statement on two occasions, which marked the bottom.
The first was in October 2018, with the market bottoming two and a half months later, while the second was in March 2020, with the market bottoming one to two weeks later.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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