The Nigerian government has sued Binance for $81.5 billion, accusing the crypto giant of tax evasion, regulatory violations, and economic losses. The Federal Inland Revenue Service claims Binance operated illegally, failing to pay $2.001 billion in taxes. A court hearing is set for March 3, 2025.
The Federal Government of Nigeria has filed a fresh lawsuit against cryptocurrency giant Binance, demanding $81.5 billion in penalties for alleged tax violations and economic losses. The Federal Inland Revenue Service (FIRS) is leading the case, accusing Binance of operating without proper registration and failing to comply with tax obligations.
Filed at the Federal High Court in Abuja, the suit seeks $2.001 billion in unpaid income taxes for 2022 and 2023, as well as penalties for non-payment and interest charges. FIRS claims Binance concealed its business activities despite having a significant economic presence in Nigeria, with over 386,000 active users and billions in trading volume.
Authorities argue that Binance breached multiple financial regulations, including Nigeria’s Companies Income Tax Act and the Money Laundering Act. The lawsuit follows ongoing legal battles against the crypto firm, including charges of tax evasion and foreign exchange violations.
During a recent court hearing, FIRS’ lead counsel, Kanu Agabi (SAN), informed Justice Inyang Ekwo that attempts to serve Binance had been unsuccessful. The judge granted a motion for substituted service, setting the next hearing for March 3, 2025.
The lawsuit comes days after Binance executive Tigran Gambaryan accused Nigerian officials of bribery, a claim the government dismissed as false. As legal proceedings continue, Binance faces increasing scrutiny over its operations in Nigeria, with regulators demanding compliance or hefty penalties.
