According to court documents filed in the Federal High Court in Abuja, the government accuses Binance of operating in Nigeria without a license and failing to comply with tax laws. The lawsuit alleges that Binance’s operations in Nigeria have resulted in significant economic losses, totaling $79.5 billion.
Furthermore, the government is seeking $2 billion in back taxes, citing Binance’s failure to file tax returns and pay corporate income tax. The lawsuit also accuses Binance of violating various Nigerian laws, including the Companies Income Tax (CIT) Act and the Federal Inland Revenue Service (Establishment) Act 2007.
This move is the latest development in the Nigerian government’s efforts to regulate the cryptocurrency industry. Binance has been operating in Nigeria since 2019, but the government has been cracking down on cryptocurrency exchanges in recent years.
The outcome of the lawsuit could have significant implications for Binance’s operations in Nigeria and the broader cryptocurrency industry. As stakeholders, it is essential to monitor this development closely and consider its potential impact on the industry.
