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The Federal Inland Revenue Service (FIRS) has launched a legal battle against Binance, seeking a massive $81.5 billion in damages and back taxes. The lawsuit, filed at the Federal High Court in Abuja, accuses the cryptocurrency exchange of tax evasion and operating illegally within to reports, FIRS claims that Binance has a significant economic presence in the country, making it liable for corporate income tax. The agency is seeking a court ruling requiring Binance to pay income taxes for 2022 and 2023, along with a 10% annual penalty on outstanding , FIRS is demanding a 26.75% interest rate on the unpaid taxes, in line with the Central Bank of Nigeria’s lending rate, reported The of unlawful operations and tax violationsFIRS said that Binance failed to register for tax compliance in Nigeria, violating key financial regulations. The agency alleged that the cryptocurrency platform did not adhere to the country’s Companies Income Tax Act, the Federal Inland Revenue Service (Establishment) Act 2007, and the CBN Regulatory Framework for Mobile Money Services.A special assessment conducted by the Central Bank of Nigeria (CBN) in May 2024 reportedly found that Binance’s operations contributed to an estimated $79.5 billion in economic losses over six , FIRS has demanded $2 billion in back taxes for 2022 and 2023, bringing the total financial claim to $81.5 billion — an amount exceeding Binance’s current valuation by over 30%.
