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
-
No truth in GH¢70k ‘gift’ claims involving Appiagyei, the memo is fake – Deputy Minority Whip
8 seconds -
10-year-old pupil drowns while swimming with friends at Tetekope beach
8 minutes -
NAFCO warns public against fraudsters posing as agents for school food contracts
11 minutes -
Nearly 55,000 unplaced BECE candidates can turn to private SHSs – CHOPSS
18 minutes -
Woman suffers severe ear injury after alleged attack by landlord’s wife at Fufuo
21 minutes -
GPRTU proposes 30% increase in transport fares
26 minutes -
Tanzania announces friendly with Black Stars in September international window
26 minutes -
Ghana’s music industry faces piracy crisis as artists struggle to monetise hits – Bright Dwomoh
29 minutes -
Ghana Mining Industry Awards nominations rise by 31.4%
31 minutes -
OSP investigates alleged GH¢70,000 payment linked to Patricia Appiagyei and parliamentary vetting
32 minutes -
GoldBod withdraws bid for 3-acre Parks and Gardens land at Cantonments
34 minutes -
Second gas plant could ease pressure on electricity tariffs – Ghana Gas
42 minutes -
GFA, FIFA hold commercial strategy workshop for women’s football
42 minutes -
CDD-Ghana calls on Chief Justice to avoid partisan political commentary
54 minutes -
Ghana could save $500m a year by switching from liquid fuels to gas – Energy Advisor
57 minutes