×
A powerful documentary on how Bitcoin and blockchain are reshaping money, power, and geopolitics—from El Salvador’s Bitcoin experiment and Europe’s regulatory revolution to the rise of decentralized finance and the new global financial order.
Cryptocurrency giant Binance now faces a growing legal battle with Nigeria. The Nigerian court has postponed a crucial hearing on tax evasion until 30 April.
The postponement gives the Federal Inland Revenue Service (FIRS) more time to respond to Binance's challenge to the way legal documents were served.
The FIRS alleges that Binance has done serious damage to Nigeria's economy. Binance's lawyer, Chukwuka Ikwuazom, challenged the email notification method as unacceptable. According to Binance, the company operates from the Cayman Islands and has no business in Nigeria. The lawyer stated that sending legal documents across Nigerian borders without judicial approval violates established procedures.
The FIRS commenced legal action against Binance in February 2025. According to their claims, the unpaid fees for the years 2022 and 2023 would amount to about $2 billion. The agency is demanding USD 79.5 billion as compensation for the alleged economic damages. According to them, Binance's activities caused the devaluation of the naira and financial instability.
In spite of not having an official office in the country, according to FIRS Binance maintains a significant economic presence. From their point of view, Binance is liable to pay corporate income tax. In early 2024, Nigeria arrested two senior executives of Binance. Legal charges against Binance include tax evasion and money laundering.
Binance stopped trading in Naira in March 2024 due to increased legal pressure. This decision was interpreted as a withdrawal from the Nigerian market. It all comes amid the government's crackdown on crypto exchange platforms, which are held responsible for the growing shortage of foreign currency.
About these events, Business Insider Africa said:
Growing economic instability is pushing more and more Nigerians towards the use of cryptocurrencies as a form of protective investment. According to Chainalysis, crypto trading volume in Nigeria reached about $59 billion in 2024.
The verdict of this legal dispute will have significant repercussions on the regulation of cryptocurrencies in Nigeria and could become a case study for other countries facing similar challenges with international exchanges.
Sign up for Spaziocrypto®
The community for Blockchain, Cryptocurrency and Innovative Technologies enthusiasts, combining Passion, Knowledge and Opportunities in the Digital World
Read Next
Gold vs Bitcoin: the capital turnover that many investors continue to ignore
Fasttoken flies: FTN +200% in 24 hours despite difficult 2025
Fasttoken (FTN) surprised the market with a near 200% rally in less than 24 hours, emerging as one of the few altcoins to rally strongly amid general weakness.
Whale loses 20 million on Base by betting on AI tokens
A crypto whale burns over $20 million on Base after betting everything on AI agent tokens, amid hype, poor liquidity and failed risk management.
North Korean Hackers Steal $300M with Fake Crypto Meetings
Cyber criminals linked to North Korea embezzled over $300 million from the crypto sector using fake video meetings, compromised Telegram accounts and advanced malware.