Business
FG Sues Binance For $79.51 Billion
By Benjamin Abioye
The Nigerian government has taken legal action against cryptocurrency exchange Binance Holdings Limited, demanding compensation for alleged financial damages. The government is seeking $79.51 billion and ₦231 million, claiming the company’s operations have caused economic losses.
The Federal Inland Revenue Service (FIRS) is also accusing Binance of failing to pay income taxes for 2022 and 2023. It is asking the court to compel the company to pay $2.001 billion in overdue taxes.
The lawsuit, filed in the Federal High Court in Abuja under case number FHC/ABJ/CS/1444/2024, is the third legal action Nigeria has taken against Binance. The case also targets two company executives, Tigran Gambaryan and Nadeem Anjarwalla, for not registering with tax authorities and violating financial regulations.
According to an affidavit by Jimada Yusuf, a member of the National Security Adviser’s (NSA) Special Investigation Team, Binance executives admitted that the platform had 386,256 active Nigerian users. In 2023 alone, Binance reportedly processed $21.6 billion in trades, earning $35.4 million in revenue from Nigerian transactions.
Despite this, the NSA claims that Binance ignored a Federal High Court order requiring it to submit six years of business records
The lawsuit seeks a court order compelling Binance to pay corporate income tax, file tax returns for 2022 and 2023, and clear all outstanding tax debts. Additional penalties include a 10% fine on unpaid taxes and an annual 26.75% interest rate, based on the Central Bank of Nigeria’s lending rate.
The Nigerian government also alleges that Binance has been operating without proper registration for more than six years, violating multiple financial laws. With ongoing legal troubles, the future of Binance’s operations in Nigeria remains uncertain.
Send Us A Press Statement Advertise With Us Contact Us
And For More Nigerian News Visit GWG.NG
