A Nigerian court has rescheduled the tax evasion trial of Binance to April 30, 2025, initially set for April 7, due to procedural delays.
The case, which has attracted attention from local and international crypto communities, involves allegations from the Nigerian Federal Inland Revenue Service (FIRS) that Binance failed to meet its tax obligations, including corporate income tax and value-added tax (VAT), totalling billions of naira. In response, Binance has denied the claims, asserting its compliance with Nigerian regulations.
During the hearing on April 7, representatives from Binance requested additional time to review evidence presented by FIRS. The court granted the adjournment, citing the need to examine the case to ensure a fair trial thoroughly.
Binance’s attorney, Chukwuka Ikwuazom, argued that the Federal Inland Revenue Service (FIRS) improperly served legal documents to the company. He contended that the FIRS failed to secure judicial permission to serve legal papers outside Nigeria since Binance is registered in the Cayman Islands and has no physical presence in Nigeria.
“Overall, the order for substituted service granted by the court on February 11, 2025, on Binance, who is registered under the laws of the Cayman Islands and resident in the Cayman Islands, is improper and should be set aside,”
Ikwuazom stated.
Nigerian authorities are intensifying their crackdown on cryptocurrency operations, focusing on regulating digital assets and ensuring tax compliance among crypto businesses. Binance, facing similar scrutiny worldwide, including investigations in the U.S. and Europe, is contesting the validity of a Federal Inland Revenue Service (FIRS) tax service.
On April 3rd, Binance released a statement amid ongoing legal proceedings with Nigerian authorities, clarifying that its Head of Compliance, Tigran Gambaryan, currently detained by law enforcement, does not have decision-making authority within the company. As a result, Binance asserts he should not be held accountable for the allegations against him. Gambaryan, who was in Nigeria at the government’s invitation, faces charges, including tax evasion, alongside Binance.
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