Nigeria has filed a lawsuit demanding $81.5 billion from Binance for the economic losses it claims were caused by the exchange’s operations in the country.
The lawsuit consists of $79.5 billion for damages and $2 billion in unpaid taxes. Nigerian authorities blame Binance for contributing to the country’s currency problems, particularly as it became a major platform for trading the local naira.
According to Nigerian authorities, Binance “has a significant economic presence” in the country and has failed to pay taxes for 2022 and 2023.
The Federal Inland Revenue Service (FIRS) seeks a court ruling for the company to pay income taxes for those years, plus a “10% annual penalty on unpaid amounts,” as well as “26.75% interest” based on Nigeria’s Central Bank lending rate.
Binance, which does not have a registration in Nigeria, has contested these charges. It previously halted naira transactions in 2023 and is also facing accusations of money laundering, which it has denied
