Nigerian authorities have filed a lawsuit against the cryptocurrency exchange Binance, seeking $81.5 billion in damages, Reuters reports, citing court documents.
Of this amount, $79.5 billion is attributed to alleged economic damage, while the remaining $2 billion accounts for unpaid taxes over two years.
According to Nigeria’s Federal Inland Revenue Service (FIRS), Binance operates actively in the country, making it liable for corporate income tax. The agency is demanding payment of income taxes for 2022 and 2023, along with a 10% penalty. Additionally, FIRS is requesting an interest rate of 26.75%, based on the central bank’s benchmark.
Previously, Binance faced tax evasion charges on four counts, including failure to pay VAT and corporate income tax, lack of tax filings, and assisting clients in avoiding tax obligations. In a separate case, the exchange is also accused of money laundering and foreign exchange speculation totaling up to $34.4 million.
In February 2024, Nigerian authorities detained two of Binance’s top executives. One of them, Nadeem Anjarwalla, escaped to Kenya, while Tigran Gambaryan spent eight months in Kuje Correctional Center in Abuja. In October, all charges against him were dropped, citing diplomatic intervention and the degree of his involvement in the alleged crimes.
As of now, Binance Holdings Limited remains the sole defendant in two legal proceedings. The company firmly denies all allegations.
