Nigeria Sues Binance for $81 Billion Over Alleged Tax Evasion and Economic Losses.
The Nigerian government has filed a lawsuit against Binance, the world's largest cryptocurrency exchange, seeking $81.5 billion in damages. The suit comprises $79.5 billion for alleged economic losses and an additional $2 billion for back taxes covering the years 2022 and 2023. The Federal Inland Revenue Service (FIRS) accuses Binance of operating illegally within Nigeria by failing to register properly and comply with local tax laws.
Nigerian authorities claim that Binance's operations have significantly contributed to the devaluation of the naira, the country's currency, by facilitating unauthorized foreign exchange transactions. This legal action follows a series of regulatory crackdowns on the cryptocurrency industry within Nigeria. In early 2024, two Binance executives were detained on charges related to tax evasion and money laundering, intensifying the scrutiny on the exchange's activities in the region.
In response to these allegations, Binance has stated that it is collaborating with Nigeria's Federal Inland Revenue Service to address any potential historical tax liabilities. The company has consistently denied any wrongdoing, **** erting that it operates in compliance with applicable laws and regulations. As the legal proceedings unfold, the outcome of this case could have significant implications for the cryptocurrency landscape in Nigeria and potentially influence regulatory approaches in other jurisdictions.
#Crypto #Binance #Nigeria #cryptocurrency #Law #Tax #CryptoNews
