Binance Holdings Limited, one of the world’s largest cryptocurrency exchanges, has asked the Federal High Court in Abuja to dismiss a lawsuit filed by the Nigerian government demanding $81 billion in damages and unpaid taxes. The case, brought by the Federal Inland Revenue Service (FIRS), accuses Binance of failing to register for tax compliance and causing significant economic losses during its operations in Nigeria.
The lawsuit, marked FHC/ABJ/CS/1444/2024, seeks $79.5 billion for alleged economic damages and $2 billion in unpaid income taxes for 2022 and 2023. It also includes penalties such as a 10% fine for non-payment of taxes and a 26.75% annual interest rate based on the Central Bank of Nigeria’s lending rate. The government claims Binance deliberately concealed its business activities despite having a “significant economic presence” in the country.
At the latest court hearing on Monday, Binance’s legal counsel, Chukwuka Ikwuazom SAN, argued that the substituted service used to deliver court documents was invalid. Substituted service is a legal method of delivering documents through alternative means when direct service fails. However, Ikwuazom contended that proper procedures for serving defendants outside jurisdiction were not followed, rendering the service invalid. He further noted that the email address provided by FIRS for substituted service did not belong to any Binance employee.
The presiding judge, Justice Inyang Ekwo, adjourned the case to April 30 to allow FIRS time to respond to Binance’s motion. Meanwhile, FIRS has maintained its stance that Binance violated Nigerian laws by failing to register for tax purposes and contributing to economic instability.
In addition to this lawsuit, Binance is facing separate charges of tax evasion, money laundering, and foreign exchange violations in Nigeria. These cases are being heard by Justice Emeka Nwite in another Federal High Court proceeding.
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