Nigeria demands $81 billion from Binance for tax evasion. FIRS seeks payment for taxes and penalties. Binance faces consequences for undisclosed business activities in the country.
The Federal Inland Revenue Service of Nigeria (FIRS) has filed a complaint against the digital currency exchange Binance, seeking payment of over $81 billion in taxes and penalties. This amount includes $79.5 billion in economic damages and approximately $2 billion in unpaid taxes for the years 2022 and 2023. According to Nigerian authorities, despite significant revenue from Nigerian users and recording a transaction volume of $21.6 billion in 2023, Binance has refrained from disclosing its business activities in the country. If implemented, this fine would be the largest financial penalty in history for a digital currency company by a national government.
