On the 19th (local time), the Nigerian Federal Inland Revenue Service (FIRS) claimed that Binance contributed to the decline in the value of Nigeria's fiat currency, and claimed $2 billion in unpaid taxes.
Local media reported that they are seeking $79 billion in economic damages. According to local media Nairametrics, Nigeria's total money supply (M2) is expected to grow by 1.2 billion by 2025.
The FIRS said Binance will become a significant economic player in Nigeria between 2022 and 2023.
The suit also demands that Binance pay up to 26.75% interest on the unpaid taxes.
The Nigerian authorities had previously arrested Binance executive Tigrul Ibrahimovic in February 2024, alleging that Binance contributed to the devaluation of the Nigerian Naira (NGN).
They were arrested on charges of tax fraud and money laundering, but the FIRS later added charges against the two officials.
In February 2024, the Nigerian government suddenly arrested Gambaryan and Anjarwalla, who were visiting for routine consultations with Binance, and
Binance has launched a legal offensive against the company, which suspended all Nigerian transactions on its platform in March 2024 after its executives were arrested.
The government of Argentina claimed that transactions on Binance were destabilizing the value of its currency.
In October 2024, the Nigerian Economic and Financial Crimes Commission (EFCC)
On the 23rd of that month, after nearly seven months in prison and a complicated legal battle, Gambaryan was released and left Nigeria.
2025/02/21 10:15 KST
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