- The federal government of Nigeria sue Binance for a fine of 79.5 billion dollars.
- The Government demands $ 2 billion in backward taxes for 2022-2023.
- Binance is accused of tax evasion and operating without a license.
In an unprecedented escalation of legal confrontations, the federal government of Nigeria has filed a new demand against the cryptocurrency giant, Binance, demanding an amazing fine of 79.5 billion dollars.
This legal action occurs in the middle of ongoing disputes that have seen Binance entangled in a network of regulatory challenges within the country.
According to sources Familiar with the new development, the Quid of the demand filed by the Nigerian authorities includes not only the fine of 79.5 billion dollars, but also a demand of $ 2.001 million in backward taxes for the 2022 and 2023 years.
The Federal Internal Tax Service (FIRS) is pressing specifically to obtain detailed financial records of Binance for these years, stating that the exchange has been illegally operating, contributing to the depreciation of the Naira and not complying with fiscal obligations.
The case of the Nigerian government against Binance is multifaceted, accusing the exchange of cryptocurrencies of multiple tax evasion and operating charges without the necessary licenses for more than six years.
The Government had also included money laundering charges, although it later withdrew the charges in October 2024.
Binance problems in Nigeria
The legal problems of Binance intensified after the arrest of two Binance employees, Tigran Gambaryan and Nadeem Anjarwalla, in 2024.
Although Gambaryan, a former IRS agent, was subsequently released thanks to the intervention of the United States and has filed humanitarian demands against Nigeria, Anjarwalla managed to escape from custody and its current location remains a mystery.
The financial demands in the new demand are substantial, with additional fines and interests calculated based on the credit policies of the Central Bank of Nigeria.
The government seeks an annual fine of 10% together with an interest rate of 26.75% on unpaid taxes, demonstrating the severity of financial claims against Binance.
It should be noted that the new demand adds another layer to the already complex relationship between Binance and the Nigerian authorities. The previous accusations have included statements that Binance offered $ 5 million to resolve the case of Gambaryan and address other regulatory violations, although the details in this regard are scarce and Binance has not yet responded to requests for comments on these developments.
The result of this demand could have significant implications not only for Binance operations in Nigeria, but also for the broader approach to the cryptocurrency industry with respect to compliance and regulatory commitment in the largest economy in Africa.
