Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Nigeria suing Binance for $81.5bn in economic losses and back tax

    Nigeria suing Binance for $81.5bn in economic losses and back tax

    February 19, 2025
    Share
    Facebook Twitter LinkedIn WhatsApp
    *A smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration

    Abuja — Nigeria has filed a lawsuit seeking to compel cryptocurrency exchange Binance to pay $79.5 billion for economic losses it says were caused by its operations in the country and $2 billion in back taxes, court documents showed on Wednesday.

    Authorities blame Binance, the world’s largest crypto exchange, for Nigeria’s currency woes and detained two of its executives in 2024 after cryptocurrency websites emerged as platforms of choice for trading the local naira currency.

    Binance, which is not registered in Nigeria, did not immediately respond to a request for comment. It has previously said it is working with Nigeria’s Federal Inland Revenue Service to resolve potential historic tax liabilities.

    The inland revenue service alleges in documents seen by Reuters that Binance has a “significant economic presence” in Nigeria and is therefore liable for corporate income tax. It is seeking a court declaration that Binance pay income taxes for 2022 and 2023, plus a 10% annual penalty on unpaid amounts.

    The FIRS is also requesting a 26.75% interest rate on the unpaid taxes, based on the Central Bank of Nigeria’s lending rate.

    Binance was already facing four counts of tax evasion in Nigeria after a government crackdown on the industry last year.

    The charges include non-payment of value-added tax, company income tax, failure to file tax returns, and complicity in helping customers to evade taxes through its platform.

    Binance, which is contesting the charges, announced in March last year that it was stopping all transactions and trading in the naira.

    The company is also facing separate money laundering charges by Nigeria’s anti-graft agency, which it has denied.

    ‘Our office has confirmed cases of summary execution of children by M23 after they entered the city of Bukavu last week.

    ($1 = 1,504.0000 naira)

    *Camillus Eboh; Elisha Bala-Gbogbo; editing: Bernadette Baum, Emelia Sithole-Matarise & Alison Williams – Reuters

    Related News

    Kenya central bank lowers 2026 growth forecast to 5.4%

    FG to train 100,000 youths annually in forex trading

    Cross River targets revenue, investment boost with nine new laws

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    Oil prices climb to 2-month high on US-China trade deal, worries about Iran supply

    June 11, 2025

    Kenya central bank lowers 2026 growth forecast to 5.4%

    June 11, 2025

    Nigeria partners Brazil to develop methanol complex 

    June 11, 2025

    FG to train 100,000 youths annually in forex trading

    June 11, 2025

    China, Africa ask US to return to ‘right track’ on trade differences

    June 11, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.