Nigerian authorities have filed a lawsuit against cryptocurrency exchange Binance, seeking $81.5 billion in compensation, Reuters reports, citing court documents.

The claim includes $79.5 billion for alleged economic damages and $2 billion for unpaid taxes over two years.

According to Nigeria’s Federal Inland Revenue Service (FIRS), Binance has a “significant economic presence” in the country and is therefore liable for corporate income tax.

The agency is asking the court to compel Binance to pay income tax for 2022 and 2023, along with a 10% annual penalty. FIRS is also requesting an interest rate of 26.75% on these payments, based on the central bank’s benchmark rate.

Binance is accused of four tax violations, including failure to pay VAT and corporate income tax, non-filing of tax returns, and facilitating tax evasion for clients. In a separate case, the company is also facing allegations of money laundering and forex speculation amounting to $34.4 million.

In February 2024, Nigerian authorities detained two senior Binance executives. While Nadeem Anjarwalla managed to escape to Kenya, Tigran Gambaryan spent eight months in Abuja’s Kuje Correctional Center. In October, the Nigerian government dropped all charges against him, citing diplomatic intervention and his limited involvement in the alleged crimes.

Binance Holdings Limited remains the sole defendant in both lawsuits. The company denies all allegations.