Binance Battles Back: Tax Case in Nigeria Pushed to April 30

The extension was granted so that Nigeria’s tax agency can respond to a legal challenge from the company.

On April 7, Binance’s lawyer, Chukwuka Ikwuazom, asked the court to cancel an earlier decision that allowed court documents to be sent to Binance by email.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is an NFT? (Explained with Animations)

SUBSCRIBE

ON YOUTUBE

He argued that the Federal Inland Revenue Service (FIRS) did not get permission to serve documents outside the country and noted that Binance has no physical office in Nigeria.

Ikwuazom added that the order from February 11 permitting substituted service on Binance, a company registered and based in the Cayman Islands, was invalid and should be dropped.

In February, the FIRS accused Binance of owing $2 billion in taxes and sought $79.5 billion in damages. The agency claimed that the company’s presence and activity in Nigeria hurt the national currency, the naira—an accusation Binance denies.

The FIRS also believes Binance should have paid corporate tax in Nigeria for 2022 and 2023. It wants the court to order payment of the unpaid taxes along with a 10% yearly penalty and interest of nearly 27%.

Recently, Massachusetts officials investigated Robinhood, a financial services company, over its launch of sports-based prediction markets. What did they say about it? Read the full story.