Nigeria has filed an $81.5 billion lawsuit against Binance, accusing the exchange of owing $2 billion in back taxes and causing $79 billion in economic damages by destabilizing the naira. The Federal Inland Revenue Service (FIRS) claims Binance had a “significant economic presence” in the country and failed to pay taxes in 2022 and 2023.
The lawsuit follows Nigeria’s detention of two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, on charges of tax fraud and money laundering. Although the tax charges were later dropped, the government alleges Binance played a major role in the naira’s decline.
Binance had already halted naira trading in March 2024 following regulatory pressure. Meanwhile, Gambaryan’s detention sparked international concern, with U.S. officials pressuring Nigeria for his release, citing human rights concerns and health issues.
The legal battle underscores ongoing tensions between crypto exchanges and governments over regulatory compliance and economic impact. Binance has yet to issue a formal response to the lawsuit. Read more.
