# Nigeria Demands Binance Pay $81B Penalty

*Author: Bankless*
*Published: Feb 19, 2025*
*Source: https://www.bankless.com/read/nigeria-demands-binance-pay-81b-penalty*

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Nigerian prosecutors have charged Binance with violating tax laws and are demanding an $81 billion penalty, [DL News](https://www.dlnews.com/articles/regulation/nigeria-demands-binance-pay-billions/) reports.

## **What’s the Scoop?**
- **Massive Penalty**: Nigeria's Federal Inland Revenue Service claims economic losses of over $79 billion plus a $2 billion tax fine against Binance.
- **Ongoing Legal Battles**: This is the third criminal case against Binance in Nigeria. The exchange also faces charges of facilitating $35 million in money laundering.
- **Global Reaction**: The case gained international attention after the detention of Binance executives in Nigeria. One executive was released after intervention from the U.S. government.
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