A Nigerian court has announced the postponement of the tax case against cryptocurrency exchange Binance to April 30, 2025. This decision is related to the company’s request to overturn an earlier court ruling.
Court Decision and Binance's Initiative
The Nigerian court has adjourned the tax case against Binance at the request of the company’s lawyer, Chukwuka Ikwuazom. The lawyer claimed that Nigeria’s tax agency did not follow the required procedures and did not seek the court's permission to notify a company registered in the Cayman Islands.
Accusations Against Binance
The Nigerian government has sued Binance for $81.5 billion, claiming that the exchange owes $2 billion in back taxes and $79.5 billion for economic damages.
Impact of Binance's Activities on Nigeria's Economy
Nigeria’s tax authority asserts that Binance's operations have negatively impacted the nation's economy, particularly the value of the Naira. Since 2023, the Naira has lost over 70% of its value, with inflation reaching nearly 30% in 2024. One argument from the tax agency is that Binance's P2P platform has contributed to capital flight from the country.
The proceeding regarding Binance remains ongoing, with the next court date scheduled for April 30, 2025, when both parties’ justifications will be reviewed.
