Nigerian Court Adjourns Binance’s $81.5B Tax Evasion Case to April 30
- Binance’s tax evasion trial in Nigeria has been adjourned until April 30.
- Nigeria seeks $2B in back taxes and $79.5B in damages.
A Nigerian court has adjourned the Federal Inland Revenue Service’s (FIRS) tax evasion case against Binance until April 30. The decision gives the FIRS more time to respond to a motion filed by the crypto exchange.
Binance challenged a February 11 court order that allowed documents to be served via email. The company argued that proper legal procedures were not followed. Binance’s lawyer, Chukwuka Ikwuazom, claimed the court never approved serving documents to an entity outside Nigeria.
Binance, incorporated in the Cayman Islands, has no physical office in Nigeria. Ikwuazom said the substituted service was “improper and should be set aside.” The FIRS must now respond to the motion before the next hearing.
The FIRS filed the case in February 2025, demanding $2 billion in back taxes. It also seeks $79.5 billion in damages for economic harm allegedly caused by Binance’s operations. Authorities blame the exchange for destabilizing the naira through its crypto trading platform.
Binance Faces Tax Fight in Nigeria
In court filings, the FIRS argued that Binance has a “significant economic presence” in Nigeria. The agency said Binance should pay corporate income tax for 2022 and 2023. It also wants a 10% annual penalty and 27% interest on any unpaid amounts.
Binance has denied any wrongdoing. The company said it has cooperated with authorities to resolve past tax concerns. It also stopped all naira-related transactions in March 2024.
Two Binance executives were detained in February 2024. Tigran Gambaryan, a U.S. citizen, remained in custody until October. He was released for medical reasons, including a spinal injury. He later alleged that his detention was linked to Binance’s refusal to pay a $150 million bribe. Nigerian officials denied the claim.
Nadeem Anjarwalla, a British-Kenyan national, escaped custody in March 2024 and fled to Kenya. He remains wanted by Nigerian authorities. The tax charges against both men were later dropped.
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Nigerian Court Adjourns Binance’s $81.5B Tax Evasion Case to April 30
- Binance’s tax evasion trial in Nigeria has been adjourned until April 30.
- Nigeria seeks $2B in back taxes and $79.5B in damages.
A Nigerian court has adjourned the Federal Inland Revenue Service’s (FIRS) tax evasion case against Binance until April 30. The decision gives the FIRS more time to respond to a motion filed by the crypto exchange.
Binance challenged a February 11 court order that allowed documents to be served via email. The company argued that proper legal procedures were not followed. Binance’s lawyer, Chukwuka Ikwuazom, claimed the court never approved serving documents to an entity outside Nigeria.
Binance, incorporated in the Cayman Islands, has no physical office in Nigeria. Ikwuazom said the substituted service was “improper and should be set aside.” The FIRS must now respond to the motion before the next hearing.
The FIRS filed the case in February 2025, demanding $2 billion in back taxes. It also seeks $79.5 billion in damages for economic harm allegedly caused by Binance’s operations. Authorities blame the exchange for destabilizing the naira through its crypto trading platform.
Binance Faces Tax Fight in Nigeria
In court filings, the FIRS argued that Binance has a “significant economic presence” in Nigeria. The agency said Binance should pay corporate income tax for 2022 and 2023. It also wants a 10% annual penalty and 27% interest on any unpaid amounts.
Binance has denied any wrongdoing. The company said it has cooperated with authorities to resolve past tax concerns. It also stopped all naira-related transactions in March 2024.
Two Binance executives were detained in February 2024. Tigran Gambaryan, a U.S. citizen, remained in custody until October. He was released for medical reasons, including a spinal injury. He later alleged that his detention was linked to Binance’s refusal to pay a $150 million bribe. Nigerian officials denied the claim.
Nadeem Anjarwalla, a British-Kenyan national, escaped custody in March 2024 and fled to Kenya. He remains wanted by Nigerian authorities. The tax charges against both men were later dropped.
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