Nigeria Files $81.5 Billion Lawsuit Against Binance Over Tax Evasion and Currency Devaluation

Nigeria has filed an $81.5 billion lawsuit against Binance, accusing the world’s largest cryptocurrency exchange of tax evasion and causing economic damage to the country’s currency. The lawsuit, filed by the Federal Inland Revenue Service (FIRS), seeks $2 billion in unpaid taxes and $79 billion for contributing to the depreciation of the Nigerian naira. It claims Binance maintained a ‘significant economic presence’ in Nigeria but failed to pay taxes for 2022 and 2023.

Nigeria

Along with the tax demand, FIRS is seeking 26.75% interest on the alleged back taxes. Officials allege Binance’s platform played a pivotal role in the naira’s decline in foreign exchange markets.

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Binance Executives Detained in Nigeria Amid Tax Fraud and Money Laundering Allegations

The legal dispute escalated earlier in 2024 when Nigerian authorities detained two Binance executives — Tigran Gambaryan and Nadeem Anjarwalla — accusing them of tax fraud and money laundering. While the FIRS later dropped the tax charges, the arrests drew global attention, especially after reports emerged about Gambaryan’s chronic health issues.

International diplomatic pressure intensified over Gambaryan’s detention. In July 2024, U.S. Representative Rich McCormick introduced a resolution labeling his captivity a ‘hostage situation’ and urging his release. This was followed by diplomatic appeals from U.S. officials, including calls from the U.S. ambassador to Nigeria, Richard Mills.

🇳🇬 Nigeria has sued Binance for $79.5 billion in damages and $2 billion in unpaid taxes, related to issues with the local currency. This follows the detention of two Binance executives in 2024. Binance is cooperating with Nigeria’s tax authorities but has not commented on the situation. Twitter Post

Responding to the growing pressure, Nigeria’s Economic and Financial Crimes Commission dropped the money laundering charges in October 2024. Gambaryan was subsequently freed on October 23, after spending nearly seven months in custody.

Binance, facing heightened scrutiny in Nigeria, halted all naira-related trading on its platform in March 2024, following government accusations that its users were destabilizing the national currency.

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Binance Faces New Legal Troubles in the U.K.

Last year, a former senior employee at Binance initiated legal action against the cryptocurrency exchange’s U.K. division, alleging bribery and wrongful termination. Amrita Srivastava, the plaintiff, claimed she was unfairly dismissed in May 2023 a month after raising concerns about a colleague’s alleged misconduct.

Meanwhile, Binance has accelerated its global expansion. Earlier this year, the platform launched Binance Thailand, in partnership with Gulf Innova. The expansion includes partnerships with local Thai banks and Binance Kazakhstan for brokerage services, all under the supervision of Thailand’s SEC. The expansion came as Binance and its U.S. affiliate, Binance.US, have been under regulatory pressure.

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Key Takeaways

Nigeria sued Binance for $81.5 billion, alleging tax evasion and contributing to the naira’s depreciation.
Two Binance executives were detained in early 2024 but later released after international diplomatic pressure.
Despite legal challenges, Binance continues global expansion with new ventures in Thailand and Indonesia.