The Federal Inland Revenue Service (FIRS) is seeking $2 billion in unpaid taxes and $79.5 billion in damages, accusing Binance’s operations in Nigeria of causing economic harm.
The agency argues that Binance has a “significant economic presence” in the country and should have paid corporate taxes for 2022 and 2023, along with a 10% annual penalty on overdue amounts.
The case was delayed because Binance contested the notification process. Since Binance is based in the Cayman Islands and lacks a physical presence in Nigeria, its lawyer argued that the tax authority needed special permission to serve legal papers via email.
The court postponed the case to allow FIRS time to formally address Binance’s challenge. In the next hearing, FIRS is expected to justify its use of email to serve documents to the offshore exchange.
