Table content
# Binance Confronts Fresh Criminal Accusations in Nigeria, Possibly Facing a $81 Billion Penalty
* Nigerian legal representatives have initiated fresh legal proceedings, as indicated by court records.
* This represents the third measure undertaken by officials against the organization.
* A money laundering trial is scheduled to commence shortly.
It seems Nigerian officials have reserved their most substantial offensive against Binance for the concluding phase.
Court documents observed by *DL News* on Wednesday demonstrate that prosecutors have accused Binance of breaching Nigerian tax regulations and are seeking the company to remit a penalty of up to $81 billion.
This sum is approximately 19 times the $4.3 billion fine Binance settled in 2023 following a guilty plea for contravening U.S. banking regulations.
The criminal lawsuit in Nigeria was presented at a session last week, alleging Binance of infringing tax laws by managing its cryptocurrency trading platform without registration and tax payments as an overseas entity.
## $79,514,055,594.40
The Federal Inland Revenue Service of Nigeria assessed the financial detriment to the nation at $79,514,055,594.40, accompanied by an extra $2 billion in tax sanctions. The legal action also asserts Binance’s involvement in illicit foreign exchange trading.
An individual acquainted with the situation informed *DL News* that no delegates from the cryptocurrency exchange were present at the court session last week.
Binance had previously appointed attorney Ayodele Omotilewa as its representative in Nigeria. Omotilewa refrained from comment when approached by *DL News*.
Binance did not promptly address a request for comment.
This constitutes the third criminal case brought against the world’s largest cryptocurrency exchange by Nigerian authorities following a contentious dispute that has induced market instability in Africa’s most populous nation in 2024.
## Trial Approaching
Binance is slated to stand trial on Monday on accusations of facilitating money laundering exceeding $35 million.
Binance is currently dealing with claims of dodging taxes, which the firm has refuted by entering a denial.
The organization has rejected every charge leveled by Nigerian officials, asserting that the administration is unjustly faulting its virtual currency trading platforms for the devaluation of the Nigerian naira, the nation’s recognized currency, which transpired the prior year.
Nigeria’s judicial proceedings opposing Binance garnered global awareness after DL News documented in February of the year before that officials had apprehended executives Tigran Gambaryan and Nadeem Anjarwalla. Toncoin (TON) Value Forecast for March 26th
Both individuals were indicted for illicit finance, but Anjarwalla broke free from detention in March and departed the nation. The British legal representative will not be present at the upcoming trial next week.
**Supposed Payoff of $5 Million**
Gambaryan, who had been experiencing malaria and other health complications, was imprisoned for numerous months until Nigerian prosecutors dismissed the accusations at the demand of the Biden government, discharging him in October.
Last Friday, the Nigerian Ministry of Information implicated Binance of endeavoring to suborn representatives with $5 million to assure Gambaryan’s liberation.
Officials have not yet officially accused Binance with this denunciation.
Osato Avan-Nomayo is DL News’ DeFi reporter in Nigeria, overseeing DeFi and technology. If you possess a lead, you can contact him at [email protected].
