In recent years, the number of crypto tax evasion cases has surged, particularly following intensified scrutiny from various nations.
Binance's Legal Struggles
Earlier this week, it was reported that Nigerian regulators summoned Binance, the leading centralized cryptocurrency exchange, over tax evasion. On April 7, 2025, Reuters reported that a Nigerian court adjourned the case until April 30 to allow local authorities time to respond to the exchange's request.
Cryptocurrency Use in Nigeria
Nigeria ranks as one of the largest crypto hubs among developing countries. Approximately 22 million individuals from its total population engage with cryptocurrencies, with over half involved in digital assets either directly or indirectly. By 2025, the Nigerian crypto market's revenue is projected to reach $1.16 billion.
Crypto Market Overview
As of the last update, the global crypto market cap stands at $2.52 trillion, reflecting a 4.3% increase over the last 24 hours. Bitcoin is trading at $79,292, with a trading volume spike of over 56%, reaching $81.72 billion.
The surge in tax evasion cases and legal disputes involving major exchanges like Binance highlights the pressing need for regulation and transparency in the fast-evolving cryptocurrency industry.
