Binance acknowledges Nigeria’s $81.5bn lawsuit over alleged tax violations and economic losses, pledging to provide updates on the legal case

**Global cryptocurrency exchange Binance has acknowledged the Nigerian government’s $81.5 billion lawsuit over alleged tax violations and economic losses.**

The lawsuit, filed by the Federal Inland Revenue Service (FIRS) at the Federal High Court in Abuja under case number FHC/ABJ/CS/1444/2024, names Binance and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, as defendants.

The Nigerian government is demanding $79.5 billion in damages for alleged economic losses and an additional $2 billion in unpaid taxes.

A Binance spokesperson confirmed awareness of the lawsuit but did not provide further details.

*”We have seen your email. We will reach out to you should there be any updates on this,”* the spokesperson stated.

The FIRS is also seeking penalties, including a 10% annual interest rate on outstanding taxes and a 26.75% charge based on the Central Bank of Nigeria’s lending rate until the full amount is settled.

Binance has faced increasing scrutiny from Nigerian authorities. In March 2024, the exchange halted naira transactions amid mounting regulatory challenges.

Last year, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso accused Binance of facilitating $26 billion in transactions from unidentified sources.

Binance’s Head of Financial Crime Compliance, Tigran Gambaryan, refuted the claim, calling it misleading.

*”The $26 billion figure they keep pushing as ‘mystery money’ escaping Nigeria is complete nonsense,”* Gambaryan said on X (formerly Twitter).

*”This was simply cumulative trade data for Nigerian users on our platform, which was shared with regulators upon request.”*

As the case progresses, Binance has yet to issue a comprehensive response to the allegations. With judicial review ongoing,