The Nigerian Federal Inland Revenue Service (FIRS) has filed the third lawsuit at the Federal High Court in Abuja against cryptocurrency exchange Binance, seeking $79.51 billion for alleged economic losses caused by its operations in Nigeria, as well as $2.001 billion in unpaid income taxes for 2022 and 2023, according to a lawsuit seen by local media.
The cryptocurrency exchange is also accused of operating without necessary licenses, offering unauthorized financial services, and engaging in currency speculation, reports noted.
An affidavit reportedly revealed that Binance operated in Nigeria for over six years without proper registration, with 386,256 active Nigerian users, a trading volume of $21.6 billion, and net revenue of $35.4 million in 2023.
The lawsuit highlights Binance's alleged non-compliance with Nigeria's Significant Economic Presence Order, which mandates foreign companies earning at least ₦25 million (about $16,700) annually from digital services to register and pay taxes.