Nigeria Files $81.5B Lawsuit Against Binance for Tax Violations

Nigeria Sues Binance for $81.5B Over Tax Evasion and Economic Harm

Nigeria Sues $81.5 Billion Lawsuit Against Binance

Nigeria has sued Binance and is asking for $81.5 billion. The government says that Binance did not pay $2 billion in taxes and caused $79 billion in damage to the economy.

The Federal Inland Revenue Service (FIRS) claims that Binance is playing a role in the devaluation of the naira. It is making the local currency weak, which is impacting the nation's economy.

The Federal Inland Revenue Service (FIRS) says that Binance has helped weaken the naira, the country’s currency. The Nigerian government believes that Binance allowed unregulated trading, which made the exchange rate unstable and hurt the financial system.

Nigeria Accuses Binance of Tax Evasion and Economic Harm

Nigeria’s Federal Inland Revenue Service (FIRS) says Binance did not pay taxes for 2022 and 2023. Officials claim the company still owes taxes and must also pay 26.75% extra as interest. The government believes Binance avoided tax rules to make big profits.

The FIRS contends that Binance’s trading activities have harmed Nigeria’s economy. Officials believe the platform helped weaken the naira by allowing unregulated currency trading. 

They argue that this has caused serious economic problems, making it harder for businesses to run smoothly and for people to manage their money.

Nigeria Arrests Two Binance Executives 

Nigerian authorities have arrested two executives from Binance, Tigran Gambaryan and Nadeem Anjarwalla. Their detention is part of an ongoing investigation into the company's operations within the country. 

The executives faced charges of tax fraud and money laundering. Authorities suspect that Binance was involved in unlawful transactions and evaded tax payments. Their arrest is part of Nigeria's wider initiative to hold the company responsible for its purported effects on the economy.

Binance’s Response

Binance announced that it will stop all trading in Nigeria. This decision came after pressure from the Nigerian government. The company likely did this to avoid more legal problems and to show that it is willing to cooperate.

Binance is still in a legal fight with Nigerian officials. The company is trying to prove that it did not commit tax fraud or harm the economy. Both sides are standing firm, making this case an important issue in Nigeria’s financial and crypto world. 

Ongoing Legal Battle and Uncertain Future

The legal fight between Nigeria and Binance is still going on, with serious claims of tax evasion and harm to the economy. The Nigerian government wants to hold Binance responsible for its actions.

With all these ongoing allegations, people's trust in Binance is decreasing day by day. Changpeng Zhao CZ, the founder of Binance, was released from a United States federal prison on September 27 after serving four months for violations of Anti-Money Laundering (AML) regulation. Will he now work on improving the policies after many cases and allegations?

Binance is trying to defend itself against these claims. With its executives arrested and all Nigerian trading stopped, the case has gained worldwide attention. The result of this lawsuit could change how cryptocurrency is regulated in Nigeria and other countries.