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Nigerian Court Delays Binance Tax Evasion Case Awaiting Regulator Feedback

Apr 8, 2025

A Nigerian court has rescheduled the prominent tax evasion proceedings against Binance to April 30, granting the Federal Inland Revenue Service (FIRS) additional time to address a procedural challenge presented by the digital currency protocol.

As per a 7 report by Reuters from April 2025, Binance’s attorney, Chukwuka Ikwuazom, contested a prior court directive that allowed legal documents to be sent to the firm via email.

Ikwuazom contended that Binance, which is registered and headquartered in the Cayman Islands, should not have received service through alternative methods without appropriate court approval.

“The order for the alternative service issued on 11 February 2025, is improper and ought to be invalidated,” Ikwuazom asserted in court.

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Nigeria’s Tax Authority Initially Sued Binance In February For $2B In Alleged Outstanding Taxes

The FIRS originally lodged the lawsuit in February, claiming that Binance owed roughly $2 billion in unpaid taxes. The regulator additionally maintained that Binance’s operations in Nigeria contributed to the depreciation of the naira and sought $79.5 billion in damages.

The FIRS also claimed that Binance possesses a “substantial economic presence” in Nigeria and should be accountable for corporate income taxes for the years 2022 and 2023. It has requested that the court enforce a 10% annual penalty on the overdue taxes along with nearly 27% interest.

This case is part of a wider crackdown on the crypto asset giant within Nigeria. In February 2024, two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, were arrested on charges related to tax issues and money laundering.

Subsequently, Nigeria dropped the tax allegations against both in June, followed by the dismissal of the remaining charge against Gambaryan in October.

Anjarwalla escaped detention in March 2024 and fled to Kenya, where he is currently unaccounted for. Gambaryan, a U.S. citizen, returned home later that year after reportedly facing significant health challenges while in custody.

In light of the intensifying legal and regulatory scrutiny, Binance halted naira-based transactions and withdrew from the Nigerian market in March 2024.

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Binance Pursues Global Expansion Amid Regulatory Challenges

In November, a former high-ranking employee of Binance filed a lawsuit against the digital currency exchange’s UK division, claiming bribery and wrongful termination.

The plaintiff, Amrita Srivastava, asserted that she was unjustly terminated in May 2023, shortly after raising concerns regarding a colleague’s alleged misconduct.

Meanwhile, Binance has accelerated its international expansion efforts recently. Earlier this year, the company launched Binance Thailand, a joint venture with Gulf Innova, a subsidiary of Gulf Energy Development.

This platform is integrated with local Thai banking institutions and has collaborated with Binance Kazakhstan to offer brokerage services, all under the oversight of Thailand’s SEC. These initiatives come as Binance and its U.S. affiliate, Binance.US, face increasing regulatory pressures.

Most recently, Tokocrypto, an Indonesian crypto trading platform and subsidiary of Binance, announced that it has obtained a full license from the country’s Commodity Futures Trading Regulatory Agency (Bappebti).

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Key Takeaways

  • The Nigerian court has delayed Binance’s tax evasion case to April 30, granting time for the FIRS to address a procedural objection.
  • This case arises from a $2 billion tax dispute and broader allegations that Binance negatively impacted Nigeria’s economy, prompting the exchange’s exit from the local market.
  • Despite legal challenges, Binance is pushing forward with global expansion, launching new operations in Thailand and securing a licensed affiliate in Indonesia.

The post Nigerian Court Postpones Binance Tax Evasion Case For Regulator Response appeared first on 99Bitcoins.

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