FG sues Binance for $81.5bn in economic losses, back taxes

[Ever-young]

This one nah new law suit them knack Binance so Abi nah already existing one from the drama way already they go on between our country government and Binance?

I don check the two thread way we already get for this board ontop the same exchange matter but I no see this particular case.

The Federal Government of Nigeria has filed a lawsuit seeking to compel cryptocurrency exchange Binance to pay $79.5 billion for economic losses it says were caused by its operations in the country and $2 billion in back taxes, according to court documents cited by Reuters on Wednesday.

The government blames Binance, the world’s largest crypto exchange, for Nigeria’s currency woes and detained two of its executives in 2024 after cryptocurrency websites emerged as platforms of choice for trading the local naira currency.

And if true true say nah recent case be this, dem they expect Binance to also send another person way go come represent them for this country make them 4 detain am again, Abi them go carry the case go international court?

I just feel say this our country don already lose am over to Binance them don misuse opportunity way them for really carry law hold this people done cuz of the unprofessional way them carry handle the matter last year.

[Charles-Tim]

They want Binanace to pay $81.5 billion. Why are we acting like illiterates? We all know that this is not possible.

And if true true say nah recent case be this, dem they expect Binance to also send another person way go come represent them for this country make them 4 detain am again, Abi them go carry the case go international court?

Maybe Binance will send their lawyer but I think they will not do anything but avoid Nigeria completely. I think the worst would be Binanace to completely stop providing crypto products and services to Nigerians but which I think will not happen.

We have hostile government that does not know what is going on. Why $81.5 billion?

[Ever-young]

We have hostile government that does not know what is going on. Why $81.5 billion?

This have always been the problem with our government going for the impossible figures, maybe they just come up with those numbers as high as they can like expecting the exchange to bargain for something less but with their expectations to still be around the billion figure. And aside this one, Nigeria’s anti-graft agency still have a sperate case with Binance on the count of money laundering charges.

[Truthlovecoins]

This Binance vs federal government issue don too drag for long now and e don make many of us wey dey use the Binance exchange, seek out other exchanges wey no get this kind issue with the government in the region of their operations.

Watin I know be say, Binance go only do more to frustrate the Nigerians wey dey use their exchange both with forms to fill before continuing membership or with fees or delisting of the pairs wey Dem know say we as Nigerians dey trade with.

Even recently I hear say federal government don raise motion to begin tax all crypto currency transactions and I just know say the issue with Binance na to open the eyes of the other exchanges so that them go must pay taxes to this government wey just wan chop their share without thinking about the common man wey need such enlightenment to live proper and succeed.

[Mate2237]

Reading the story I it seems that someone is not right because the tax payment that they are referring to is the federal government of Nigeria coming out to tell the entire world that a foreign company like binance was operating in the country without any registration and without passing through the right process for a company especially as a foreign company this is strange because this is the first time am hearing something  like this  that a foreign company will operate freely in another countries with out registration procedures using the local authorities

As for the economic sabotage allegations it's laughable to hear that because an exchange company operated in their countries it will lead to economic problems of the country this shows that the leadership of the country lacks what it means to be in public office, this is a well calculated attempt to distract the masses from key issues troubling the country

[SmartGold01]

They want Binanace to pay $81.5 billion. Why are we acting like illiterates? We all know that this is not possible.

And if true true say nah recent case be this, dem they expect Binance to also send another person way go come represent them for this country make them 4 detain am again, Abi them go carry the case go international court?

Maybe Binance will send their lawyer but I think they will not do anything but avoid Nigeria completely. I think the worst would be Binanace to completely stop providing crypto products and services to Nigerians but which I think will not happen.

We have hostile government that does not know what is going on. Why $81.5 billion?

Our country people dey act before them reason.. like ehh I don't know why they don't reason before they act. How on earth would Binance pay such amount. Okay do you think they would listen to them again? The little opportunity they have to hold Binance to pay all things has passed and I don't think if this case would have effects and of course they may decides to go international and if that happens there could be a serious case for Nigeria government over Binance because, currently Binance wouldn't dare send any representation or lawyers to come for anything instead they would want Nigeria Government lawyer to come their head office.

[Btcdeybodi]

Welcome to Nigeria where those that are making steps to make life easy for her citizens are being charged outrageous amount when they are caught in regulation breaches while the major people in government that are found in corrupt practices are left to walk around freely without any charges.

$81.5bn is huge and they are even bias in the charges they levied against binance because if the charge was focus on taxation, it is reasonable but i don't understand the area of economic losses, like is binance the cause of the economic situation we are battling in the country?. This is what i call, ''beating about the bush'' because they have left to discuss the major causes of the economic crisis and pretending to find a solution where there is no problem. They accused binance of manipulating the naira which led to the ban they placed on the exchange but since they restricted Nigerians from performing p2p transactions on the platform, has the naira been able to gain significant strength since then?

[sokani]

Nigerian government nah ole. If US government fit collect $4.3 billion dollars from Binance, while dem no fit come up with something wey dey realistic.

Binance made $16.8 billion revenue in 2023, an increase of 40% on the year prior.

I took this excerpt from an article and as you can see, wetin Nigerian government dey ask for nah about 5 - 6 years of their annual revenue wey dem generate worldwide. So e no get how Binance wan take give awa government that kind money. As dem choose to dey greedy, Binance go pack their load go elsewhere and nah awa government go dey at the losing side.

[IceLincoln]

They want Binanace to pay $81.5 billion. Why are we acting like illiterates? We all know that this is not possible.

And if true true say nah recent case be this, dem they expect Binance to also send another person way go come represent them for this country make them 4 detain am again, Abi them go carry the case go international court?

Maybe Binance will send their lawyer but I think they will not do anything but avoid Nigeria completely. I think the worst would be Binanace to completely stop providing crypto products and services to Nigerians but which I think will not happen.

We have hostile government that does not know what is going on. Why $81.5 billion?

Very hostile government and full of greedy people with no shame. They’re trying to blame binance for the naira issues and accusing them of operating in secrecy and evading taxes. All I see is just a greedy government that wouldn’t do anything for you but expect to reap where they didn’t sow.
Instead of making policies that’ll be crypto friendly and attract more investors, they’re busy antagonising the ones available.
So Binance has been operating for 5-6 years without registration, what have the FIRS been doing all this while, waiting for the right time to come up with outrageous amount of money. The worse is they’re accusing a company for their failures in the economy of the nation. Why don’t this people have shame

[Coyster]

Lol, dem dey vex say Tigran Gambaryan, the binance executive wey dem detain for many months in Nigeria don expose the names of the lawmakers wey been allegedly ask am to give them $150m bribe, so that they go release am. Because na immediately after him talk this thing wey i begin see this lawsuit.

That said, we know say this case no dey go anywhere, because the charges of blaming Binance for the woes of the Naira is laughable.

[Hatchy]

Like I will always say, Nigeria is lead by illiterates. They might have gone to school, but I do think they learnt how to manage a country. Any one who has money can wake up and buy the leadership forms. Binance literally has tried their best to resolve this issue, which to me is not even supposed to exist. Okay they admit they operated in a foreign country without their jurisdiction, and want to make an alliance but why all these drama from the government.. they should try and be in binance shoes, and see if it were them, if they would have paid such amount of money just to offers services in a country that's yet to develop.. I pity the future of Nigeria as soon there would be no foreign investors here. Well kudos to Nigeria government and bad leadership..

[Charles-Tim]

Lol, dem dey vex say Tigran Gambaryan, the binance executive wey dem detain for many months in Nigeria don expose the names of the lawmakers wey been allegedly ask am to give them $150m bribe, so that they go release am. Because na immediately after him talk this thing wey i begin see this lawsuit.

I did not know this happened. I was unable to read news recently because I was very busy. It is very clear that it is the reason federal government wanted lawsuit with Binanacei. In accordance to the news I saw it from on YouTube just now, it was linked to the court case. What I just know is that our government are childish.

[Majestic-milf]

Reading the story I it seems that someone is not right because the tax payment that they are referring to is the federal government of Nigeria coming out to tell the entire world that a foreign company like binance was operating in the country without any registration and without passing through the right process for a company especially as a foreign company this is strange because this is the first time am hearing something  like this  that a foreign company will operate freely in another countries with out registration procedures using the local authorities

As for the economic sabotage allegations it's laughable to hear that because an exchange company operated in their countries it will lead to economic problems of the country this shows that the leadership of the country lacks what it means to be in public office, this is a well calculated attempt to distract the masses from key issues troubling the country

If nah true talk be this, say we naija govt no register Binance as company wey go dey do their operations for here then that means nah pointless lawsuit go be that wey dem wan file becos you wan file lawsuit against the company you no register? On what grounds?
The government at this point no get any battle wey gem dey hope to win because nah void be this. E be like you dey fight against ghost.
 No wonder wey the executives no wan give any responses to this lawsuit, and for the issue of the back taxes wey the govt sama dem accusation, nothing go come out because them (Binance) bin don talk before say them dey work with the Federal Inland Revenue Services to clear off potential historical tax liabilities. So nothing wey we govt wan use hold them hand.
 It's sad say naija dey always wan show off their illiteracy at every turn and now wey binance don japa comot for the country nah them remember say the company dey responsible for the woes wey the naira dey face. I mean, how can???

[Ishicryptic]

Lol, dem dey vex say Tigran Gambaryan, the binance executive wey dem detain for many months in Nigeria don expose the names of the lawmakers wey been allegedly ask am to give them $150m bribe, so that they go release am. Because na immediately after him talk this thing wey i begin see this lawsuit.

I did not know this happened. I was unable to read news recently because I was very busy. It is very clear that it is the reason federal government wanted lawsuit with Binanacei. In accordance to the news I saw it from on YouTube just now, it was linked to the court case. What I just know is that our government are childish.

This Nigeria, versus Binance case is becoming very embarrassing and I hope that our government will just leave this exchange alone for the sake of their hardworking citizens that are using Binance services. The more they are dragging Binance, the more embarrassment that they are causing for the country because people will reason why they didn't take action at the time when the alleged economic loses happened. I don't think that Binance will take anything that our government has to say seriously or that they will bother to send any other representative to act on their behalf. I wouldn't be surprised if this recent suing is because of the allegations of Mr Gambaryan, so that they can save their face.

[Mpamaegbu]

Nigerian government nah ole. If US government fit collect $4.3 billion dollars from Binance, while dem no fit come up with something wey dey realistic.

Binance made $16.8 billion revenue in 2023, an increase of 40% on the year prior.

I took this excerpt from an article and as you can see...

Nor mind dis bulaba govment. Govment wey nor know exactly how many barrels of crude NNPC dey produce daily or yearly but dem go know how to take anoda company figure calculate how much dem owe dem. Nor be juju be dat? Abeg, make dem go siddon for gutter.

Lol, dem dey vex say Tigran Gambaryan, the binance executive wey dem detain for many months in Nigeria don expose the names of the lawmakers wey been allegedly ask am to give them $150m bribe, so that they go release am. Because na immediately after him talk this thing wey i begin see this lawsuit.

Na so d matta take play. Awa govment just wan take d fine hide dem shame. Corruption for dis kontry don turn almost normal now.

[Sonia_123]

Nigeria sues crypto giant Binance for $81.5bn in economic losses and back tax
Authorities blame crypto exchange, already facing four counts of tax evasion in the country, for currency woes
https://www.theguardian.com/technology/2025/feb/19/nigeria-binance-crypto-lawsuit.

Nigeria has filed a lawsuit seeking to compel Binance to pay $79.5bn for economic losses the country’s government says were caused by the cryptocurrency exchange’s operations there and $2bn in back taxes, court documents showed on Wednesday.

Authorities blame Binance, the world’s largest crypto exchange, for Nigeria’s currency woes and detained two of its executives in 2024 after crypto websites emerged as platforms of choice for trading the local naira currency.

Binance, which is not registered in Nigeria, did not immediately respond to a request for comment. It has previously said it is working with Nigeria’s Federal Inland Revenue Service (FIRS) to resolve potential historic tax liabilities.

Instead of government to face their real problem in this country, they always find who to blame for their failures and inability to lead the country to the right track, if binance is responsible for naira devaluation,then they also will be responsible for the hike in petroleum and the numerous accidents happening on the road and other wrong things in Nigeria abi.
The greedy nature of our government is too much, the amount the are requesting is not visible..

[Promocodeudo]

We have hostile government that does not know what is going on. Why $81.5 billion?

This have always been the problem with our government going for the impossible figures, maybe they just come up with those numbers as high as they can like expecting the exchange to bargain for something less but with their expectations to still be around the billion figure. And aside this one, Nigeria’s anti-graft agency still have a sperate case with Binance on the count of money laundering charges.

Am use to hearing this kind of figures from the Nigerian government which I know that they can never actualize it, even though this money is been given to them, we'll still hear another story tomorrow that it has grow wings and fly, one thing I don't like about our government is that they are too unserious about things, $81.5bn no be chise play, this country government are funny set of people, the keep having cases that may not favour them at the end of it all because of their inability to file it properly, you don't need to have one case differently that shows how unorganized they are, sometimes I begin to wonder if they actually have legal advisers that advise them on the best thing to do though I won't blame those Attorney's because inflation is also hitting high so they'll want anything that'll prolonge the matter so that they can  be getting their money, God bless the fedaral repubic of Nigeria.

[Coyster]

What I just know is that our government are childish.

You are very correct, even federal government wey file this case know say e no go yield anything, if to say dem no dey hostile to exchanges and dem still dey allow binance trade Naira in their platform, them them fit try get some money from binance in order to allow them continue to dey operate for Naija, but now all of that one no dey possible.

I dey feel say dem just bring up the lawsuit to comot people's mind and attention from the accusation wey the binance executive make against some of our lawmakers.

[Ever-young]

I dey feel say dem just bring up the lawsuit to comot people's mind and attention from the accusation wey the binance executive make against some of our lawmakers.

We know say this our country government they sabi do damage control way no they get head, if their plan nah for people to forget about that accusation then dem go don fail because the trend of this lawsuit self go make people to go deeper go search Watin really make them remember to follow up binance again which the video way Tigran talk about them, and even without further evidence people go just believe am because nah the way the country and their agencies don keep their self for our face.

[Majestic-milf]

Lol, dem dey vex say Tigran Gambaryan, the binance executive wey dem detain for many months in Nigeria don expose the names of the lawmakers wey been allegedly ask am to give them $150m bribe, so that they go release am. Because na immediately after him talk this thing wey i begin see this lawsuit.

That said, we know say this case no dey go anywhere, because the charges of blaming Binance for the woes of the Naira is laughable.

No be lie. Normally all this things bin dey go on and them no pay attention but as soon as Tigran sama dem accusation, them rush come remember say Binance never pay taxes. This is hogwash! Naija dey always use every opportunity to fall their hands and like you talk, if this news is not followed up better for proper investigation by foreign authorities, preferably the lawyers representing Binance, e go dey swept under the carpet and no body go hear of am again.