Nigerian Court to Decide Fate of Crypto Giant in $79.5 Billion Tax Evasion Case

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A Nigerian court has adjourned a tax evasion case against Binance, the world’s largest cryptocurrency exchange, to April 30. This decision allows the local tax authority to respond to Binance’s request to annul a court order that permitted court documents to be served via email.

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Binance’s lawyer, Chukwuka Ikwuazom, argued that the order is invalid since the company doesn’t have a physical office in Nigeria. “On the whole, the order for the substituted service as granted by the court on February 11, 2025, on Binance, which is … registered under the laws of the Cayman Islands and resident in the Cayman Islands, is improper and should be set aside,” Ikwuazom said.

The case involves Nigeria’s Federal Inland Revenue Service seeking $79.5 billion in damages for alleged economic disruptions and $2 billion in back taxes. Authorities claim Binance’s operations destabilised the Nigerian naira, contributing to the currency’s significant depreciation.

This development comes after two Binance executives were detained in 2024 but later released. Binance has expressed willingness to work with Nigerian authorities to resolve potential historic tax liabilities.

The April 30 hearing will determine the next steps in the case, which may have implications for cryptocurrency exchanges operating in Nigeria. The outcome could also impact the country’s efforts to regulate the digital currency sector and collect taxes from foreign companies operating in the country.

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