Nigeria Sues Binance for $81.5 Billion in Economic Losses
Nigeria's Federal Inland Revenue Service (FIRS) is suing Binance for:
- $79.5 billion in economic losses
- $2 billion plus interest in back taxes
This claim escalates from an initial demand of $10 billion, linked to allegations that Binance enabled $26 billion in untraceable funds to exit Nigeria during a foreign exchange crisis.
FIRS asserts that Binance has an economic presence in Nigeria and has not met tax obligations. The agency claims manipulation on the platform has contributed to the naira's depreciation amid inflation.
Nigeria has pursued legal action against Binance since early last year, detaining executives Tigran Gambaryan and Nadeem Anjarwalla, who faced money laundering and tax evasion charges before their release.