The Federal Government of Nigeria has filed a lawsuit against cryptocurrency giant Binance, demanding a staggering $81.5 billion in penalties for alleged tax evasion and economic losses.
The Federal Inland Revenue Service (FIRS), in a case marked FHC/ABJ/CS/1444/2024, is also seeking $2.001 billion in unpaid income taxes for 2022 and 2023. The suit, currently before the Federal High Court in Abuja, accuses Binance and its executives, Tigran Gambaryan and Nadeem Anjarwalla, of failing to register with Nigeria’s tax authorities and violating multiple financial regulations.
According to court filings, Binance allegedly concealed its business activities in Nigeria despite operating in the country for over six years. The government also claims the platform unlawfully facilitated currency speculation and failed to comply with the Money Laundering Act and Companies Income Tax Act.
Documents submitted in court reveal that Binance had 386,256 active Nigerian users in 2023, with a trading volume of $21.6 billion and net revenue of $35.4 million. Authorities say the company failed to file tax returns and avoided proper licensing while generating substantial profits from its Nigerian operations.
The FIRS is demanding that Binance pay a 10% penalty for non-payment of taxes, alongside a 26.75% annual interest rate until full settlement. Additionally, the agency is seeking $79.51 billion in compensation for alleged economic damages.
At the last hearing on February 11, 2025, Binance’s legal team was absent, prompting Justice Inyang Ekwo to grant a motion for substituted service. The case has been adjourned to March 3, 2025.
This lawsuit marks the third major legal battle between Binance and Nigerian authorities, following earlier charges of money laundering and foreign exchange violations.
Binance has yet to respond officially to the latest claims.
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