Key Takeaways:
- Nigeria sues Binance for $81.5 billion, citing $2 billion in unpaid taxes and $79 billion in economic damages linked to currency depreciation.
- Authorities claim Binance’s operations contributed to the naira’s decline and demand a 26.75% interest on back taxes.
- Legal actions escalate, following the earlier detention of two Binance executives over tax fraud and money laundering allegations.
Nigeria has filed an $81.5 billion lawsuit against Binance, alleging tax evasion and economic damage caused by the crypto exchange.
The lawsuit includes $2 billion in unpaid taxes from 2022 and 2023, plus $79 billion in damages linked to the depreciation of the naira.
Nigeria suing Binance for $81.5 billion in economic losses and back tax https://t.co/Acibw73p9i pic.twitter.com/iPSt2Q45Ht
— Reuters (@Reuters) February 19, 2025
The Federal Inland Revenue Service (FIRS) argues Binance has a “significant economic presence” in Nigeria and failed to meet tax obligations, also demanding a 26.75% interest payment on back taxes.
Authorities claim Binance’s operations contributed to the naira’s decline in foreign exchange markets.
This legal action follows Nigeria’s earlier crackdown on Binance, including the detention of executives Tigran Gambaryan and Nadeem Anjarwalla over tax fraud and money laundering allegations.
Although tax charges against them were later dropped, the broader case against Binance continues.
Meanwhile, Nigeria’s money supply increased by 17% year-over-year in January 2025, further weakening the country’s currency.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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