The Federal Government of Nigeria has filed a new lawsuit against cryptocurrency exchange Binance, demanding $81.5 billion in damages for alleged economic losses and tax evasion.
The suit, filed by the Federal Inland Revenue Service (FIRS) at the Federal High Court in Abuja, accuses Binance Holdings Limited of failing to register for tax compliance, evading taxes, and negatively impacting Nigeria’s economy. The case, marked FHC/ABJ/CS/1444/2024, also includes claims of $2.001 billion in unpaid income taxes for 2022 and 2023.
Two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, are also named in the suit. The FIRS alleges that the company concealed its business activities despite having a “significant economic presence” in Nigeria, with over 386,000 active users and a trading volume of $21.6 billion in 2023 alone.
The lawsuit is one of three legal actions currently pending against Binance in Nigeria. The government is also pursuing separate charges of tax evasion, money laundering, and foreign exchange violations in collaboration with the Economic and Financial Crimes Commission (EFCC).
The case has been adjourned to March 3, 2025, after the court granted a request for substituted service, as Binance’s legal representatives were absent during the last hearing.
