Tag: Nigeria

Nigeria Files $81.5B Lawsuit Against Binance for Economic Losses and Tax Evasion

Nigeria is suing Binance for $81.5B tax evasion and economic damage, blaming it for the collapse of the naira and financial instability.



Nigeria just sued Binance for a record $81.5 billion, claiming that the exchange had caused enormous economic damage to the country. The suit demands $79.5 billion in damages and $2 billion in unpaid taxes. The devaluation of the naira was largely brought about by Binance, the Nigerian government claimed, and its foreign exchange trading damaged the local economy.

Binance has not yet registered in Nigeria, but the Federal Inland Revenue Service (FIRS) argues that the exchange has adequate presence to be taxed as a company. FIRS is requesting Binance to pay tax and penalty from three and two yeas ago for late payment. The government is asking for a 26.75% rate of interest on the unpaid tax.

In addition to tax issues, Binance is facing four counts of tax evasion, from failure to file tax returns to helping users evade taxes. The firm had previously stated it’s working with Nigerian regulators to resolve tax problems but has not responded to the new suit.

Meanwhile, Binance stopped transactions in Nigerian naira in March 2024 after the government intensified its crackdown on crypto exchanges. Binance is also facing separate money laundering charges, which it denies.

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Nigeria Government vs. Binance’s Tigran: A Clash Over Corruption Allegations

Tigran Gambaryan accuses Nigeria of blackmail and torture, while the government denies the claims, sparking a heated online dispute.

The drama between Binance’s former exec Tigran Gambaryan and the Nigerian government is heating up. Gambaryan, who was arrested in February one year before while in Nigeria for a meeting with government officials about Binance, spent eight months in jail before being released on humanitarian grounds. During his time in custody, he was charged with money laundering and tax evasion.

After returning to the U.S., Gambaryan went off, accusing Nigerian officials, including those from the DSS (Nigeria’s State Security Services), of trying to extort $150 million in crypto from Binance. He claims he was tortured while in jail, even though he was in poor health, and that he was used as a scapegoat in the whole mess.

Of course, the Nigerian government is having none of it. They denied all of Gambaryan’s claims, calling them “falsehoods” and stating that his first visit wasn’t even official. They also said that his release wasn’t because of any humanitarian reason but due to diplomatic intervention. They even alleged that Binance tried to pay a $5 million ransom to free him, but it was rejected.

Gambaryan shot back on X (formerly Twitter), calling the government’s statement lies and promising more legal action in the future. This saga is only getting messier.

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Binance’s Tigran Gambaryan Speaks Out: Detained in Nigeria, Family in Distress

Binance exec Tigran Gambaryan suffered 8 months in Nigerian jail, accused of financial crimes, denied medical care, and extorted for $150M.



A few months back, a blurry courtroom video from Nigeria went viral—showing Binance executive Tigran Gambaryan, limping on a crutch, being dragged to court by security officers. Frustrated and in pain, he shouted, “This is so f***ed up.” That video exposed the harsh reality of his eight-month detention.

Tigran, an American citizen and former Head of Financial Crime Compliance at Binance, was arrested in Nigeria after being invited to a governmental meeting. He was accused of money laundering and tax evasion, but insists that Nigerian officials hired him as a scapegoat to blackmail Binance for $150 million. Even though Nigeria subsequently dropped the charges of money laundering, they continue to assert that Binance processed $26 billion in unreported crypto transactions.

During his 214-day ordeal, Tigran’s health suffered—his physicians had to proceed in a rush to repair a bulging disc, but the authorities delayed the surgery. Meanwhile, his relatives were suffering and, with emotional videos, his wife and mother were crying. His case still lingered in political and court drama, adding to the threats to his life.

Now at last back in the U.S. after getting out on medical bail, Tigran is coming forward—calling his arrest a nightmare and demanding accountability for what he experienced.

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Nigeria Reopens $35M Money Laundering Investigation into Binance



Nigeria’s EFCC is back at it, accusing Binance of laundering $35M and operating without proper licenses. The case has twists—executives fleeing and one released after U.S. pressure. This crackdown is part of Nigeria’s push to clean up crypto, but it’s sparking debates about balancing regulation and innovation.

Nigeria’s Economic and Financial Crimes Commission (EFCC) is hitting Binance with an amended lawsuit, accusing the crypto giant of laundering over $35 million. The case, filed in Abuja, claims Binance was hiding funds from illegal activities and even doing foreign exchange stuff without a license, something Nigeria’s Bureau de Change has flagged before.

This all started earlier this year when EFCC charged Binance and two of its execs, including Nadeem Anjarwalla, who has since gone on the run. Another exec, Tigran Gambaryan, was locked up for eight months but got released recently due to health issues and pressure from the U.S. government. The charges were updated after Gambaryan’s release.

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The case is part of Nigeria’s bigger crackdown on illegal crypto operations, with the EFCC targeting local firms for things like unlicensed conversions of USD into naira using stablecoins. As the country tightens its grip on digital assets, debates are growing about how much regulation is too much, especially when it comes to protecting investors while still letting the industry grow .

The crackdown reflects a larger trend in Nigeria and Africa, where crypto adoption is rising but so are scams. With Nigeria leading in identity fraud cases, crypto has become a major target for fraudsters.

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