YEREVAN (CoinChapter.com) — Nigeria has filed an $81.5 billion lawsuit against Binance, accusing the cryptocurrency exchange of tax evasion, money laundering, and foreign exchange violations. The lawsuit includes $2 billion in back taxes and $79.5 billion in economic damages, with authorities blaming Binance for contributing to the naira’s decline.
Nigeria Demands Billions in Back Taxes and Economic Losses
The Federal Inland Revenue Service (FIRS) claims Binance owes $2 billion in taxes from 2022 and 2023. The agency is also demanding 26.75% interest on the unpaid taxes. Officials argue that Binance’s activities significantly impacted Nigeria’s foreign exchange market, worsening the naira’s devaluation.
According to reports, Nigeria’s total money supply (M2) increased by 17% year-over-year in January 2025, reducing the naira’s value. Authorities claim Binance facilitated illegal currency transactions, which allegedly led to financial instability.
Nigeria’s M2 Money Supply Surges Past 101 Trillion NGN Amid Economic Uncertainty. Source: Trading EconomicsNigeria Blames Binance for Naira Devaluation
Government officials claim Binance’s platform allowed traders to manipulate the naira’s exchange rate. Authorities argue that these transactions harmed the economy and led to massive financial losses.
In response to the growing pressure, Binance halted all naira trading in March 2024. However, Nigerian regulators continued their legal pursuit, arguing that the exchange had already caused economic damage.
Detention of Executives Led to International Disputes
The legal battle between Nigeria and Binance escalated in February 2024, when authorities detained Tigran Gambaryan and Nadeem Anjarwalla after a meeting with regulators. Both executives faced tax fraud and money laundering charges.
Gambaryan’s detention gained attention after reports revealed that he had chronic health issues while in custody. U.S. Representative Rich McCormick urged the government to classify his detention as a hostage situation.
Binance Executive Tigran Gambaryan in Nigerian Court. Source: APIn October 2024, after nearly seven months in detention, Nigerian authorities dropped the charges, and Gambaryan left Nigeria on October 23, 2024. Despite this development, tensions between Binance and the government remained unresolved.
Exchange Fights Lawsuit as Case Gains Global Attention
Binance has not publicly commented on the lawsuit, but reports indicate that the company is contesting the charges. Given the scale of the claims, legal experts question the $81.5 billion damages figure.
While Binance no longer operates in Nigeria, authorities continue their legal action.
Nigeria Explores New Crypto Strategies Amid Binance Crackdown
Despite the legal fight with Binance, Nigeria has been exploring crypto-related projects. Reports suggest that officials are in discussions with the LIBRA team about developing a meme coin, similar to Argentina’s recent initiative.
LIBRA Meme Coin Tied to Javier Milei Allegedly Planned for Nigeria. Source: The Big Whale / XAs Nigeria pushes forward with its case against Binance, its broader cryptocurrency policies remain unclear.
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