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A Federal High Court Judge has adjourned the tax evasion case against Binance, the world’s largest cryptocurrency exchange, to 12 May 2025. The adjournment follows a request from the Federal Inland Revenue Service (FIRS) to serve court documents to Binance via email, citing the company’s offshore registration and lack of a physical office in Nigeria.
The FIRS has filed a lawsuit seeking $79.5 billion in damages for alleged economic losses attributed to Binance’s operations in the country, along with $2 billion in back taxes. Authorities allege that Binance’s activities have contributed to Nigeria’s currency instability, leading to the detention of two of its executives in 2024 after cryptocurrency platforms became prominent for trading the local naira currency.
During the court session, FIRS lawyer Kanu Agabi argued that Binance’s Nigerian legal representatives could be served on behalf of the company, highlighting the company’s opaque registration status. Binance has not responded to the latest allegations but previously stated it is cooperating with Nigerian authorities to resolve potential historic tax liabilities.
The court will reconvene on 12 May to address the service of court documents and determine the next steps in the case.
