Nigeria Escalates Legal Battle Against Binance, Demands $79 Billion in Economic Losses

February 19, 2025

2 minutes read

Binance

The Nigerian government has intensified its crackdown on Binance, seeking a court order for the cryptocurrency exchange to pay $79 billion in alleged economic damages and an additional $2 billion in back taxes. This legal move follows the ongoing detention of Binance’s Head of Financial Crime Compliance, Tigran Gambaryan, who remains in custody amid accusations of financial misconduct.

The government claims that Binance’s operations contributed to forex instability and capital flight, significantly impacting Nigeria’s economy. Authorities argue that unregulated cryptocurrency trading on the platform enabled illicit financial flows, prompting the hefty demand for compensation.

Adding to the controversy, a Nigerian lawmaker has filed a ₦1.5 billion lawsuit against Gambaryan over bribery allegations. The lawsuit stems from statements made by Binance representatives, which the lawmaker claims were defamatory and damaging to his reputation. Meanwhile, accountability groups have condemned perceived attacks on Binance executives, urging due process in the ongoing legal battle.

Binance, on its part, has denied wrongdoing and continues to engage with Nigerian authorities to resolve the dispute. However, the situation remains tense, with potential far-reaching consequences for the crypto industry in Nigeria. The legal actions against Binance highlight the government’s push for stronger regulations in the digital asset space, setting a precedent for future dealings with global cryptocurrency platforms operating in the country.

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