Nigeria Seeks $79.5 Billion Penalty Against Binance Amid Ongoing Legal Battle

Nigeria’s federal government has launched a new lawsuit against Binance, a prominent cryptocurrency exchange, amid an ongoing legal dispute over alleged illegal operations and unpaid taxes.

The country’s Federal Inland Revenue Service is seeking a whopping $79.5 billion penalty against Binance and is compelling the company to pay $2 billion in retroactive taxes. Additionally, the authorities have demanded that Binance provide financial records for 2022 and 2023.

Government attorneys have argued for a 10% annual penalty plus a 26.75% interest on unpaid taxes, citing lending policies from the Central Bank of Nigeria. This development is the latest in a series of legal battles between Binance and Nigerian authorities, which began in 2024.

Background of the Dispute

The dispute started after the arrest and detention of two Binance employees, Tigran Gambaryan and Nadeem Anjarwalla. Nigerian prosecutors claim that Binance contributed to the naira’s depreciation and operated in the country for over six years without a license.

Gambaryan and Anjarwalla were detained as company representatives and charged with multiple counts of tax evasion, money laundering, and other regulatory violations. The U.S. recently secured Gambaryan’s release, and the former IRS agent has since filed humanitarian lawsuits against Nigeria.

Meanwhile, Anjarwalla escaped detention shortly after his arrest, and his current whereabouts remain unknown. Nigeria has also sued the centralized exchange for allegedly offering $5 million to resolve Gambaryan’s case and settle other supposed rule-breaking.

Tips for Crypto Investors and Enthusiasts

If you’re a cryptocurrency investor or enthusiast, it’s essential to stay informed about regulatory developments and legal disputes in the industry. Here are some tips to keep in mind:

  • Stay up-to-date with news and updates from reputable sources.
  • Understand the regulatory landscape in your country and how it affects your investments.
  • Diversify your portfolio to minimize risks.
  • Keep your investments secure and protected.

Binance was yet to respond to requests for comment on the matter by the time of publishing. As the situation unfolds, we will provide updates and analysis.

For more news and updates on the cryptocurrency market and blockchain industry, visit Global Crypto News regularly.

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