Justice Emeka Nwite of the Federal High Court in Abuja on Wednesday adjourned a high-profile tax evasion case against Binance, the world’s largest cryptocurrency exchange, to May 12, 2025, granting the Federal Inland Revenue Service (FIRS) permission to serve court documents via email. The decision follows a contentious legal battle in which Nigerian authorities accuse Binance of causing significant economic losses and destabilising the naira, the country’s currency.
The FIRS filed a lawsuit seeking to compel Binance to pay $79.5 billion for alleged economic damages attributed to the platform’s operations in Nigeria, alongside $2 billion in back taxes, according to court documents. The case has drawn international attention due to Binance’s global prominence and Nigeria’s aggressive regulatory stance toward cryptocurrency platforms.
The latest hearing addressed a procedural dispute over how court documents should be served to Binance, which operates without a physical office in Nigeria. Earlier in April, Binance’s lawyer, Chukwuka Ikwuazom, urged the court to annul an order allowing the FIRS to serve documents outside Nigeria, arguing that the tax authority failed to obtain the court’s permission. The FIRS countered that Binance’s offshore registration and lack of a known physical address justified alternative methods of service.
FIRS lawyer Kanu Agabi argued that Binance maintains a significant economic presence in Nigeria through its online platform, which facilitates cryptocurrency and virtual currency transactions globally, including in Nigeria. Agabi further contended that Binance’s registration details are “shrouded in secrecy”, complicating traditional service methods. He proposed that Binance’s Nigerian lawyers could accept court summons on the company’s behalf, a suggestion the court appeared to consider favourably.
Court okays email service of documents to Binance
Justice Emeka Nwite, presiding over the case, approved the FIRS’s request to serve documents via email, effectively dismissing Binance’s objection. The adjournment to May 12 allows both parties to prepare further arguments, with the FIRS expected to respond to Binance’s broader challenge to the lawsuit’s validity.
The case is part of Nigeria’s broader crackdown on cryptocurrency platforms, which authorities blame for exacerbating currency instability. In 2024, Nigerian officials detained two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, after cryptocurrency exchanges became preferred platforms for trading the naira amid a foreign exchange crisis. Gambaryan, a U.S. citizen and Binance’s head of financial crime compliance, remains in custody, while Anjarwalla, a British-Kenyan national, fled Nigeria in March 2024. Their detention has sparked diplomatic tensions, with the U.S. and U.K. advocating for their release.
Binance has not publicly commented on the tax evasion allegations or claims of destabilising the naira. However, the company previously stated it is cooperating with the FIRS to resolve “potential historic tax liabilities.” In a statement issued earlier this year, Binance emphasised its commitment to complying with local regulations while maintaining that it operates within legal frameworks globally.
Nigeria’s regulatory actions reflect growing concerns about cryptocurrencies’ impact on its economy. The naira has faced significant depreciation, losing over 70% of its value against the U.S. dollar since 2023. Authorities argue that unregulated crypto trading platforms like Binance facilitate capital flight and speculative trading, undermining monetary policy efforts. In 2021, the Central Bank of Nigeria banned banks from facilitating cryptocurrency transactions, though enforcement has been inconsistent.
The lawsuit against Binance is one of the largest of its kind globally, highlighting the tension between cryptocurrency innovation and government regulation. Legal experts suggest the case could set a precedent for how jurisdictions address offshore crypto exchanges operating within their borders.
As the case progresses, Binance faces mounting pressure to address Nigeria’s allegations while navigating similar regulatory challenges in other countries, including the United States and India. For now, the adjournment offers both sides a brief respite to refine their legal strategies ahead of the May 12 hearing.
The FIRS and Binance’s legal teams declined further comment, citing the ongoing nature of the proceedings. The case continues to unfold against the backdrop of Nigeria’s economic challenges and the global debate over cryptocurrency regulation.
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