Nigeria has filed a lawsuit against cryptocurrency exchange Binance seeking $79.5 billion for economic losses attributed to its operations in the country, as well as demanding $2 billion in back taxes, according to court documents disclosed on Wednesday.
Authorities in Nigeria have accused Binance, the world's largest crypto exchange, of contributing to the country's currency difficulties. In 2024, two of its executives were detained when cryptocurrency websites became popular platforms for trading the local naira currency.
Binance, not registered in Nigeria, has not yet responded to the request for comment. The company previously stated it was collaborating with Nigeria's Federal Inland Revenue Service to address potential historical tax obligations.
The court filing from the revenue service argues that Binance has a "significant economic presence" in Nigeria and should therefore be subject to corporate income tax. The request includes payment of income taxes for 2022 and 2023, plus a 10% yearly penalty on any outstanding amounts.
The FIRS is also asking for a 26.75% interest rate on the unpaid taxes, based on the Central Bank of Nigeria's lending rate.
Binance already faced four charges in Nigeria during a government crackdown on the industry last year. The allegations involve non-payment of value-added tax, company income tax, failure to submit tax returns, and aiding customers in tax evasion through its platform.
While challenging the accusations, Binance announced a halt to all transactions in March last year.
Additionally, the company is confronting separate money laundering allegations from Nigeria's anti-corruption agency, which it refutes.
(Exchange rate: $1 = 1,504.0000 naira)