Business
Binance Faces New Legal Twist As Court Escalates $79.5B Lawsuit
Binance Faces New Legal Twist As Court Escalates $79.5B Lawsuit
A Federal High Court in Abuja has postponed the case filed by the Federal Inland Revenue Service (FIRS) against Binance Holdings Limited to April 7.
During the hearing, overseen by Justice Inyang Ekwo, the FIRS sought $79.5 billion in damages for the economic losses it claimed were caused by Binance’s operations in Nigeria. The FIRS requested that the court order Binance to pay an additional 10 percent for failing to pay income taxes for the years 2022 and 2023.
Additionally, the FIRS asked the court to impose a 26.75% interest rate, reflecting the Central Bank of Nigeria’s annual lending rate, starting from January 1, 2023, and January 1, 2024.
The FIRS alleged that Binance and its executives had committed several violations, including providing financial services in Nigeria without complying with the country’s regulations on money laundering, fraud, and other related offenses.
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