Binance is currently engaged in negotiations with Nigeria's tax authorities to resolve a substantial $2 billion tax claim. This move comes amid allegations of tax evasion that could have significant implications for cryptocurrency regulation across Africa. The publication provides the following information:
Binance Seeks Out-of-Court Settlement
During a hearing held on March 24, 2026, in Abuja, Binance's legal representatives revealed their intention to seek an out-of-court settlement concerning four counts of alleged tax evasion. The Nigeria Revenue Service has asserted that Binance owes considerable amounts in unpaid Company Income Tax and Value Added Tax for the fiscal years 2022 and 2023.
Postponement of the Case
The case has been postponed until May 12, 2026, to provide both parties with time to report on the status of their negotiations. The resolution of this case is anticipated to influence how other African countries approach cryptocurrency regulation and taxation, potentially setting a significant precedent in the region.
Canada has intensified its enforcement against cryptocurrency businesses, imposing significant fines on major platforms, which contrasts with Binance's ongoing negotiations over a $2 billion tax claim in Nigeria. For more details, see fines imposed.
