Nigeria has filed a lawsuit against Binance, the world’s largest cryptocurrency exchange, seeking $81.5 billion in damages. The suit demands $79.5 billion for alleged economic losses attributed to Binance’s operations in the country and an additional $2 billion for back taxes covering a two-year period.
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The Nigerian government accuses Binance of tax evasion, non-payment of value-added tax (VAT), failure to pay corporate income tax, and facilitating tax evasion for its customers. Authorities claim that Binance’s activities have significantly contributed to the depreciation of the Nigerian naira and overall economic instability.
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In early 2024, two Binance executives were detained in Nigeria under allegations of contributing to the country’s economic challenges. These detentions escalated into a major international incident, leading to their release after significant diplomatic pressure.
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Binance has stated that it is collaborating with Nigeria’s Federal Inland Revenue Service (FIRS) to address potential historical tax liabilities. However, the company is contesting the current charges, denying any wrongdoing related to tax evasion and money laundering.
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This lawsuit is part of a broader crackdown by Nigerian authorities on cryptocurrency activities, as they seek to regulate the industry and mitigate its perceived negative impacts on the nation’s economy.
Nigeria’s Legal Battle with Binance Escalates.
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Nigeria seeks $81.5 bln in economic losses, back tax from Binance.
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