⚖️ Binance Faces $79.5B Tax Evasion Case in Nigeria
Binance is under legal scrutiny in Nigeria, facing allegations of tax evasion and economic sabotage amounting to $79.5 billion in damages and $2 billion in back taxes. The Federal Inland Revenue Service (FIRS) accuses Binance of contributing to the depreciation of the naira through its trading platform.
The case, currently adjourned to May 12, 2025, has been complicated by Binance's lack of a physical presence in Nigeria, prompting the FIRS to seek court approval for serving documents via email. Binance's legal team contends that proper legal procedures were not followed in serving the summons.
This legal battle underscores the challenges global crypto exchanges face when operating in jurisdictions with evolving regulatory frameworks. It also highlights the importance of compliance and transparent operations to avoid legal entanglements that could hinder business activities.
As the case unfolds, it will serve as a precedent for how emerging markets regulate and interact with global cryptocurrency platforms, potentially influencing future policies and operational strategies.
