Audio By Carbonatix
A Nigerian court has adjourned a tax evasion case against Binance to April 30 to allow the local tax authority to respond to a request by the cryptocurrency exchange to annul an order for court documents to be served on it by email, a lawyer for Binance said on Monday.
The lawyer, Chukwuka Ikwuazom, 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. 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 the Cayman Islands and resident in Cayman Islands is improper and should be set aside," Ikwuazom said.
Nigeria has 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.
Authorities blame Binance, the world's largest crypto exchange, 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.
Binance, which is not registered in Nigeria, did not immediately respond to a request for comment. It has previously said it is working with Nigeria's Federal Inland Revenue Service to resolve potential historic tax liabilities.
The Inland Revenue Service alleges in documents seen by Reuters that Binance has a "significant economic presence" in Nigeria and is therefore liable for corporate income tax.
It is seeking a court declaration that Binance pay income taxes for 2022 and 2023, plus a 10% annual penalty on unpaid amounts.
Latest Stories
-
‘It’s not Tinubu’ – Femi Kuti reveals Nigeria’s real problem
7 minutes -
No Nigerian singer has more hits than me – Davido boasts
11 minutes -
Social media firms urge caution on early Australia under-16 ban data
34 minutes -
Chad’s president pardons main rival and opposition leader in jail
41 minutes -
The Office’s Lucy Davis ‘overwhelmed’ by kindness after cancer diagnosis
49 minutes -
New Zealand break with OFC to withdraw Infantino support
52 minutes -
Presidential vote counting halted in Zambia over alleged attacks on polling staff
55 minutes -
Stolen Matisse artworks recovered by police in Brazil
60 minutes -
Selena Gomez sued for alleged fraud over mental health company
1 hour -
Bishop Dr Agyei Lawson urges religious leaders to use their influence to protect Ghana’s peace
1 hour -
Religious diversity must not become a source of conflict – Peace Council
2 hours -
Accra Academy @ 95: Old Boys set to celebrate heritage with grand float and homecoming
2 hours -
Braces beyond treatment: Gen Z’s fashion craze and the hidden dental risks
2 hours -
Dr Moses Atinga targets grassroots rebuilding in Upper East NPP chairmanship bid
2 hours -
An attack on Ghana’s peace is an attack on the future of its children — IGP
2 hours