Binance sued in Nigeria for $81 billion in economic losses and back taxes: reports

Nigerian authorities sued the crypto exchange Binance for over $79 billion in economic losses and $2 billion in back taxes, according to reports from Reuters and DL News.Nigeria's tax authority Federal Inland Revenue Service (FIRS) also claimed Binance operated illegally within the country, the reports said.The suit comes after FIRS sued Binance in March 2024 for four counts of tax evasion, including non-payment of company income tax and failure to file tax returns. Two of Binance's executives, Tigran Gambaryan and Nadeem Anjarwalla, were also jailed in Nigeria and named defendants in the firm's tax evasion case.The Block reached out to Binance for comment.Outside of Nigeria, the United States Department of Justice sought $4 billion in penalties from Binance in late 2023 to end its investigation into the firm, including alleged violations of the Bank Secrecy Act, money laundering and fraud. The firm's then-CEO Changpeng "CZ" Zhao also pled guilty to violating the Bank Secrecy Act, among other charges, and agreed to pay a $50 million fine and step down from his role helming the firm. He also served four months in prison and was released in September 2024.Binance is the largest cryptocurrency exchange in the world, drawing in $801 billion (34.5%) of the $2.32 trillion spot trading volume in January, The Block's Data Dashboard shows.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.