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Binance vs Nigeria: $81.5 Billion Tax Showdown Now Set for April 30
The ongoing legal fight between Nigeria and cryptocurrency major Binance is now set to get a new date in Calendars — the 30th of April. The court in Abuja is adjourning the case of tax evasion with high stakes, giving the two sides time to get ready for what is expected to be an epic fight.
So, What’s the Case About?
Nigeria is the country’s largest accuser of Binance of causing economic damage and claims that the company’s actions have contributed to devaluing the Naira as well as facilitating the flow of capital. Nigeria is seeking astonishing $81.5 billion – which is broken down into $2 billion tax restitution and $79.5 billion of damages.
There is a claim by the authorities that, even though Binance does not have a physical presence in Nigeria but the company has the country’s “significant economic presence” through its well-known peer-to-peer (P2P) trading platform. Its claim? that it is taxed as any other company working within the nation.
The Legal Drama
The delays occur because Binance is challenging a court decision dating back to February, which permitted the Nigerian Federal Inland Revenue Service (FIRS) to deliver legal documents through electronic mail. Binance is registered as a company in the Cayman Islands, says proper international procedure was not followed, and the FIRS did not receive the proper approvals required to deliver papers in countries other than Nigeria.
A Crackdown on Crypto
The tax matter is part of a larger tightening of cryptocurrency trading in Nigeria in an effort by officials to restore control over a volatile financial market. Government officials have been in opposition to Binance’s P2P platform that it says it helped customers get around official exchange ratesparticularly during times of Naira fluctuations.
The Executive Detentions
The matter isn’t just played in the courtrooms. The case has already led to the indictment of two Binance executives.
- Tigran Gambaryan is an U.S. citizen, was imprisoned in Nigeria between February and the end of October in 2024. The prisoner was released when corruption charges were dismissed, and he returned to the U.S. for treatment.
- Gambaryan has since claimed his arrest was tied with Binance not paying 150 million bribe Nigerian officials — an assertion Nigerian authorities reject.
- Nadeem Anjarwalla who is a British Kenyan dual citizen, was detained along with Gambaryan however he managed to get out of the prison while in house detention. The suspect reportedly escaped using an extra passport.
What’s Next?
As the court’s next hearing is scheduled for April 30 the focus is focused on the way this legal dispute develops. The issue isn’t limited to taxes The outcome may alter the ways that crypto platforms operate in the major markets such as Nigeria as well as how government respond to the rising impact of decentralized financial systems.
Keep an eye on the story. This tale is far from ending.
