The Nigerian government has filed an $81.5 billion lawsuit against the cryptocurrency exchange Binance, accusing the company of unpaid taxes and economic damages linked to the collapse of the country's fiat currency.
Nigeria's Lawsuit Against Binance
Nigeria's Federal Inland Revenue Service (FIRS) claims that Binance has unpaid taxes for 2022 and 2023. The agency also claimed a 26.75% interest payment on back taxes.
Charges Against Binance Executives
Previously, the Nigerian authorities detained and charged Binance executives Tigran Gambaryan and Nadeem Anjarwalla with tax fraud and money laundering charges. The lawsuits against the executives were later dropped.
Implications and Binance's Response
The case highlights the ongoing tension between national regulators and global crypto exchanges, including issues of taxation and regulatory compliance. Binance has yet to publicly comment on the lawsuit.
Nigeria's lawsuit against Binance raises questions about the cryptocurrency platforms' compliance with national tax and financial regulations. As a recognized player on the global market, Binance will need to focus more on adhering to these standards.
