- Nigerian court adjourns Binance tax evasion trial to April 30, 2025.
- The Nigerian government commits to building a cryptocurrency regulatory framework.
A Nigerian court has postponed the tax evasion trial involving Binance, the world’s largest cryptocurrency exchange, to April 30, 2025. The Federal Inland Revenue Service (FIRS) has accused Binance of evading taxes amounting to $2 billion. According to the filing, the company faces a $79.5 billion bill for economic losses that stem from its business operations within the country. The government demands that the outstanding payments be subject to a 10% yearly late payment fee.
Nigeria Demands $79.5 Billion From Binance Over Unpaid Taxes and Damages
The legal action against Binance relates to its Nigerian operations, which allegedly destabilized the country’s currency, thus triggering the legal response. Over these allegations, Binance executives faced multiple arrests in 2024. Binance maintains a public silence about the ongoing legal matter while simultaneously working with the FIRS for tax solutions.
On the other hand, Binance lawyer Chukwuka Ikwuazom presented in court that the choice to send legal papers outside Nigeria through the court order was wrong. Binance does not maintain any offices in Nigeria, so the FIRS neglected to acquire court authorization for delivering documents beyond Nigerian borders. Ikwuazom stated that the court-issued, granted February 11, 2025, substituted service order was improper and needs to be set aside.
The Nigerian government continues its efforts to pursue legal action against Binance despite facing this opposition. Nigeria filed a legal case in February 2025 seeking $79.5 billion from Binance because of its operations throughout the country. The Nigerian government states Binance undertook $2 billion of unpaid taxes because the company did not follow local tax rules.
However, Binance does not have official registration in Nigeria yet; the Nigerian government states the company possesses meaningful economic power in the local market. Binance operates as a major force in Nigeria’s digital asset industry because numerous Nigerian users conduct cryptocurrency trading on its platform.
Binance Collaborates with Nigeria’s FIRS To Resolve Tax Disputes
In response to the lawsuit, Binance operates in close partnership with Nigeria’s Federal Inland Revenue Service to fulfill its tax duties. Binance implements measures which verify its adherence to current tax legislation. The company Binance defends that it has no legal presence in Nigeria while facing increasing complications.
Regardless of the present legal activities against Binance, the Nigerian government provides a welcome space for cryptocurrency businesses to operate. Minister Mohammed Idris declared that Nigeria will not issue a ban on cryptocurrency operations. The government works to establish proper rules for cryptocurrency businesses, which will make Binance and other firms submit to Nigerian regulations.
Nigeria’s authorities announced in March 2025 their commitment to building a formal regulatory structure for cryptocurrency operations. The Nigerian authorities maintain that, despite ongoing legal disputes with Binance, they want to create rules that govern the industry instead of terminating its operations. The government of Nigeria advances toward an efficient cryptocurrency management strategy through its efforts to gain the system’s advantages while establishing adequate monitoring and regulatory standards.
The Binance case demonstrates the worldwide difficulties that emerge from regulating cryptocurrencies. The ongoing trial will become a decisive legal reference for jurisdictions that confront such challenges. This legal outcome will have a major effect on the ways cryptocurrency exchanges function in Nigeria, which leads the continent in economic size.
