Nigeria Files $81.5 Billion Lawsuit Against Binance for Economic Damages
Nigeria has filed a lawsuit against Binance, seeking $81.5 billion in damages, attributing the country's economic struggles and currency crisis to the exchange's activities.
- The lawsuit demands $79.5 billion for economic losses and $2 billion for unpaid taxes.
- Nigeria claims Binance contributed to naira destabilization by facilitating illegal trading.
- The Federal Inland Revenue Service (FIRS) requires Binance to pay corporate taxes for 2022 and 2023 along with a 10% fine on unpaid taxes.
- FIRS also seeks a 26.75% interest rate based on the Central Bank’s lending rate.
- Binance is already facing four tax evasion charges in Nigeria.
- The exchange ceased all naira transactions in March 2024 due to regulatory pressure.
- Binance previously stated it was cooperating with Nigerian tax authorities.
- Separate money laundering charges from Nigeria’s anti-graft agency are still unresolved.
- Nigeria plans to tax crypto transactions to increase revenue and regulate the digital asset market.
Last year, Binance executives faced accusations of money laundering and currency manipulation, leading to detentions. The recent lawsuit poses significant challenges for Binance, potentially resulting in billions in fines if the government prevails.