Nigeria is taking Binance to court, demanding a staggering $81.5 billion in damages and back taxes. The lawsuit, filed by the Federal Inland Revenue Service (FIRS), accuses Binance of operating without proper registration and dodging Nigerian tax laws.
According to the FIRS, Binance’s operations have caused significant economic losses, estimated at $79.5 billion, and the company has avoided paying its tax obligations.
The Central Bank of Nigeria (CBN) assessed Binance’s activities in May 2024 and estimated the damages at $79.5 billion, just within six months.
The lawsuit claims that Binance was operating under the radar despite having a major presence in Nigeria. It accuses the company of breaking multiple laws, including Nigeria’s tax regulations and the CBN’s rules on mobile money services.
Jimada Mohammed Yusuf, part of the National Security Adviser’s Special Investigation Team, stated in an affidavit that Binance and its executives are directly responsible for these economic losses.
Binance has previously said it’s open to working with Nigerian authorities on tax issues, but the company hasn’t responded to this particular lawsuit yet.
This isn’t Binance’s first run-in with Nigerian authorities. In 2024, two of its executives were detained during a government crackdown on crypto. Binance is already fighting tax evasion charges and is also facing separate money laundering accusations, though it denies them.
As this case unfolds, it could seriously impact how crypto platforms operate in Nigeria and might even reshape how the country regulates digital assets moving forward.
