The Nigeria’s Colossal Lawsuit against Binance for $81 Billion
Nigeria is suing Binance for an astronomical amount of $81 billion, including $79 billion in alleged economic losses and $2 billion in unpaid taxes. The complaint, filed by the Federal Inland Revenue Service (FIRS), accuses the exchange of operating illegally in Nigeria, adding to the long list of global disputes the platform is facing.
The FIRS is also demanding an interest rate of 26.75% on the unpaid taxes, based on the debit interest rate of the Central Bank of Nigeria.
An Escalating Legal Offensive
This legal action comes after FIRS already charged Binance in March 2024 for tax evasion, including non-payment of corporate tax and failure to file tax returns. Two executives of the firm, Tigran Gambaryan and Nadeem Anjarwalla, were detained in Nigeria and are among the accused in this case. These developments reflect the Nigerian authorities’ firm determination to regulate the crypto industry within their territory as the government tightens its approach towards non-compliant companies.
Binance Under Pressure on Multiple Fronts
Binance has faced scrutiny from authorities before. In the United States, the Department of Justice demanded $4 billion in penalties in late 2023 to settle its investigation into the platform, which faced accusations of violating the Bank Secrecy Act, money laundering, and fraud. Its founder, Changpeng “CZ” Zhao, pleaded guilty and agreed to pay a $50 million fine, in addition to stepping down from the company’s leadership. He also served a four-month prison sentence before being released in September 2024.
In France, the prosecutor’s office recently opened an investigation against the exchange for aggravated money laundering, tax fraud, illegal exercise of the PSAN profession between 2019 and 2024, as well as accusations related to drug trafficking.
Binance Still the Leader Despite the Storm
Despite these legal obstacles, Binance remains the unquestionable market leader in crypto. In January 2025, the platform recorded a spot trading volume of $801 billion, representing nearly 35% of global exchanges. However, this dominance does not absolve it from growing regulatory challenges, particularly in jurisdictions where cryptocurrencies remain a significant political and economic issue.
