Nigeria Sues Binance for $815 Billion in Damages and Unpaid Taxes

Nigeria has filed a lawsuit against Binance, seeking $815 billion in economic damages and unpaid taxes. The Federal Inland Revenue Service (FIRS) of Nigeria has accused Binance of operating illegally in the country.

The lawsuit comes after FIRS's tax evasion accusation against Binance in March 2024, which involved four tax-related violations, including failure to pay corporate income tax and failure to submit tax returns. Previously, two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, were arrested in Nigeria and have been named as defendants in the case.

The Nigerian government is seeking to recover the alleged damages and taxes, which could have a significant impact on Binance's operations in the country. The case is ongoing, and it remains to be seen how it will be resolved.

This lawsuit is part of a broader trend of governments around the world cracking down on cryptocurrency exchanges and seeking to regulate the industry. As cryptocurrencies become more mainstream, governments are increasingly concerned about the potential for tax evasion and other illicit activities.

The cryptocurrency industry has been volatile in recent months, with several high-profile crashes and regulatory challenges. The Nigerian government's lawsuit against Binance is just one example of the challenges that the industry is facing as it seeks to gain wider acceptance and regulation.