Nigeria Seeks $81.5 Billion in Economic Losses, Back Taxes Against Binance - Court Document

The Nigerian government has filed a lawsuit against Binance, seeking $81.5 billion in economic losses and back taxes, according to a court document. The suit, filed at the Federal High Court in Abuja, alleges that Binance failed to collect and remit various taxes, including Value Added Tax (VAT) and Company Income Tax (CIT), as required by the FIRS Establishment Act 2007 (amended).

The lawsuit comes after a notice from Binance about its appointment of a Nigerian representative, Ayodele Omotilewa, which initiated the trial process. Binance has denied the tax evasion allegations and has not yet responded to the lawsuit.

The Nigerian government has expressed concern over the spread of misinformation and the actions of people under legal scrutiny, particularly in the cryptocurrency industry. The lawsuit against Binance is part of a broader effort to address potential misconduct in the industry and ensure compliance with local regulations.



The outcome of this lawsuit could have significant implications for Binance's operations in Nigeria and potentially set a precedent for other cryptocurrency exchanges operating in the country. The Nigerian government may review and update its cryptocurrency regulations in response to this lawsuit, potentially introducing stricter requirements for exchanges operating in the country.

As the legal battle between Nigeria and Binance unfolds, investors and stakeholders in the cryptocurrency industry will be closely watching the developments. The outcome of this lawsuit could have a ripple effect on the broader cryptocurrency market, impacting investor confidence and potentially disrupting operations for other exchanges.

In conclusion, the Nigerian government's pursuit of economic losses and back taxes from Binance highlights the growing scrutiny of the cryptocurrency industry and the importance of regulatory compliance. As the legal battle between Nigeria and Binance continues, investors and stakeholders will be closely monitoring the developments and their potential impact on the broader cryptocurrency market.