Nigeria cracks down on Binance, sues cryptocurrency exchange for $81.5 billion over tax evasion and economic losses
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According 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 amounts.
Additionally, 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 Guardian.
Allegations of unlawful operations and tax violations
FIRS 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 months.
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