More Troubles for Binance as FIRS Files $79.51b Lawsuit

The Federal Government of Nigeria has initiated legal proceedings against cryptocurrency exchange Binance Holdings Limited, seeking a staggering $79.51 billion and ₦231 million in damages for alleged economic losses attributed to the company’s operations within the country.

The lawsuit, lodged by the Federal Inland Revenue Service (FIRS) at the Federal High Court in Abuja, also demands an additional $2.001 billion in unpaid income taxes for the fiscal years 2022 and 2023.

Designated as case number FHC/ABJ/CS/1444/2024, the complaint accuses Binance and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, of neglecting to register with the FIRS for tax obligations and supposedly breaching Nigerian financial regulations.

This legal action marks the third instance of litigation against Binance in Nigeria. Prior charges have been brought against the company by the FIRS and the Economic and Financial Crimes Commission (EFCC), encompassing allegations of tax evasion, money laundering, and violations of foreign exchange laws, all overseen by Justice Emeka Nwite at the Federal High Court.

Among the financial penalties outlined in the lawsuit are a 10% fine for the failure to pay taxes for 2022 and 2023, along with an annual interest rate of 26.75%, calculated based on the Central Bank of Nigeria (CBN) lending rate. Additional fines are sought due to Binance’s alleged failure to register its business activities in Nigeria.

The Nigerian government claims that Binance has operated in the country for over six years without the necessary registration, breaching several financial statutes.