A Nigerian court has decided to move the tax case against Binance to April 30, 2025. This is because Binance asked the court to cancel an earlier court order, which allowed legal papers to be served via email.
Binance’s lawyer, Chukwuka Ikwuazom, told the court that Nigeria’s tax agency didn’t follow the right steps. He said the agency should have asked the court for permission first since Binance is not based in Nigeria and has no office there.
“On the whole, the order for the substituted service as granted by the court on February 11, 2025, on Binance, who is registered under the laws of Cayman Islands and resident in the Cayman Islands, is improper and should be set aside,” Ikwuazom said.
The government of Nigeria is suing Binance for $81.5 billion. According to the Nigerian tax authority, Binance has $2 billion in back taxes and $79.5 billion in purported economic damages.
FIRS said Binance’s operations have negatively impacted Nigeria’s economy, especially the value of its currency, the Naira. Since 2023, the Naira has dropped more than 70% in value, and inflation surged to nearly 30% in 2024.
FIRS explains that Binance’s peer-to-peer exchange platform contributed to weakening the Naira, led money out of the country, and made Nigeria’s financial system volatile.
The government blames platforms like Binance for making this worse by letting people trade money in ways that mess with the system.
According to Reuters, Binance handled over $21.6 billion in transactions just in Nigeria last year. That’s a big number, and FIRS says it proves Binance has a strong presence in the country, even if they don’t have an office there.
Because of this, the tax office says Binance should pay company tax, plus a 10% penalty on any unpaid taxes, and even interest based on the Central Bank’s rate.
Binance hasn’t made an official statement about this latest court decision, but earlier, the exchange did say they were working with FIRS to sort things out. For now, the court will continue the case on April 30.
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