Nigeria has filed a lawsuit against cryptocurrency exchange Binance, seeking $81.5 billion in damages, including $79.5 billion in alleged economic losses and $2 billion in back taxes. Authorities are blaming the world’s largest cryptocurrency exchange Binance for Nigeria’s ongoing currency crisis. The government detained two Binance executives in 2024, citing concerns about the cryptocurrency platform’s role in the naira’s volatility. Although Binance is not registered in Nigeria, the country’s Federal Inland Revenue Service (FIRS) claims that the exchange has a “significant economic presence” and is therefore liable for corporate income tax. The agency is seeking unpaid income taxes for 2022 and 2023, as well as a 10% annual penalty and interest of 26.75%, based on the Central Bank of Nigeria’s interest rate. Related News: Analysts Share Their Forecasts For Solana Price, Which Seriously Declined After Libra Scandal! Is There Any Chance of ATH Coming This Year? Binance has yet to respond to the lawsuit, but has previously said it is cooperating with the FIRS to resolve potential historical tax liabilities. The company already faces four tax evasion charges in Nigeria, including non-payment of value-added tax (VAT), corporate income tax, failure to file a tax return, and allegedly facilitating tax evasion for users. In March 2024, Binance halted all transactions and trading in the Nigerian naira amid a regulatory crackdown. The exchange is also contesting separate money laundering charges filed by Nigeria’s anti-corruption agency. *This is not investment advice. Continue Reading: Nigeria Sues Binance, The Fines They Ask For Are Unprecedented
