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Nigeria sues Binance for $79.5b in losses, unpaid taxes
Nigeria has initiated a lawsuit against cryptocurrency exchange Binance, claiming US$79.5 billion in damages due to alleged economic losses.
An additional US$2 billion is being sought for unpaid taxes, according to court documents released on Feb.19.
The Federal Inland Revenue Service (FIRS) holds Binance responsible for these losses.
They state that the company’s significant economic presence in Nigeria makes it liable for corporate income taxes.
Authorities are pursuing unpaid taxes for 2022 and 2023, along with a 10% annual penalty and a 26.75% interest rate on the owed amounts, calculated based on the Central Bank of Nigeria’s lending rate.
Recent Binance developments
| Timeline |
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18-Feb-2025 💼 Binance not for sale, may accept minority investors
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12-Feb-2025 ⚖️ Binance, US SEC request 60-day pause in legal battle
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24-Dec-2024 💰 Binance, Kraken lead $10m round for stablecoin issuer Usual
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11-Dec-2024 💱 Binance, stablecoin issuer expand crypto services
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| 10-Dec-2024 🏢 Binance considers global HQ location |
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