Court Postpones Binance, Executives’ Tax Evasion Trial To April 30
A Nigerian court has postponed the tax evasion trial of cryptocurrency exchange Binance and its executives to April 30.
This delay is to allow the Federal Inland Revenue Service (FIRS) to respond to a request by Binance’s legal team to annul an order for court documents to be served by email.
Binance’s lawyer, Chukwuka Ikwuazom, argued that the order was improper as the tax authority did not seek permission from the court to serve documents on Binance outside Nigeria, given that Binance does not have a physical office in the country.
Ikwuazom requested the court to set aside the order issued on February 11, 2025, arguing that it was not valid for Binance, a company registered and based in the Cayman Islands, to be served court documents by email.
Nigeria’s tax authorities are seeking a court order to compel Binance to pay $79.5 billion for economic losses they claim were caused by the company’s operations in Nigeria, along with $2 billion in back taxes.
The FIRS contends that Binance has a “significant economic presence” in the country and should therefore be liable for corporate income tax for 2022 and 2023, in addition to a 10% annual penalty on unpaid taxes.
Binance, which is not registered in Nigeria, has yet to comment on the matter but has previously stated that it is working with the FIRS to resolve any historical tax liabilities.
In 2024, two Binance executives were detained after cryptocurrency websites became popular platforms for trading the local Naira currency, which authorities blame for Nigeria’s currency instability.
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
