Catenaa, Friday, February 21, 2025 – The Nigerian government has filed a lawsuit against Binance, demanding the world’s largest cryptocurrency exchange pay $81.5 billion in economic damages and back taxes, alleging its operations contributed to the sharp decline of the naira.
The lawsuit, filed by Nigeria’s Federal Inland Revenue Service (FIRS), seeks $79.5 billion in damages for alleged economic losses and an additional $2 billion in unpaid taxes.
Authorities argue that Binance, despite not being registered in Nigeria, has a “significant economic presence” and is liable for corporate income tax. The government also accuses Binance of failing to pay value-added tax, corporate income tax, and aiding tax evasion through its platform.
Court documents reveal that Nigerian tax authorities are seeking a 10% annual penalty on unpaid taxes, along with a 26.75% interest rate based on the Central Bank of Nigeria’s lending rate.
Binance has not publicly responded to the lawsuit but has previously stated it was working with Nigerian tax authorities to resolve past liabilities.
The lawsuit follows a broader crackdown on cryptocurrency trading in Nigeria, with authorities detaining two Binance executives in 2024.
The company ceased naira transactions last year and is already facing four counts of tax evasion. Additionally, Nigeria’s anti-corruption agency has filed separate money laundering charges against Binance, which the company has denied.
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