A Federal High court sitting in Abuja has adjourned a tax evasion case brought against Binance by the Federal Inland Revenue Service (FIRS) to April 30 to allow the FIRS respond to a request by the cryptocurrency exchange to annul an order for court documents to be served on it by email.
A lawyer representing Binance, Chukwuka Ikwuazom, on Monday asked the court to set aside the order because the tax authority did not obtain a leave from the court to serve court documents on Binance outside Nigeria as Binance does not have a physical office in Nigeria.
“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 Cayman Islands is improper and should be set aside,” Ikwuazom said.
Suit Details
The FIRS had filed a lawsuit seeking to compel Binance to pay $79.5 billion for economic losses it says were caused by its operations in the country and $2 billion in back taxes, according to court documents.
it blamed Binance, for Nigeria’s currency instability and detained two of its executives in 2024 after cryptocurrency websites emerged as platforms of choice for trading the local naira currency. The FIRS argued that Binance has a “significant economic presence” in Nigeria and is therefore liable for corporate income tax. seeking a court declaration that Binance pay income taxes for 2022 and 2023, plus a 10% annual penalty on unpaid amounts.
Binance, which is not registered in Nigeria, has however denied all charges previously said it is working with Nigeria’s Federal Inland Revenue Service to resolve potential historic tax liabilities.
