Nigeria’s Federal High Court in Abuja has adjourned the tax evasion case against cryptocurrency exchange Binance to September 2025, according to local media reports, as the Nigerian government and the crypto firm work toward an out-of-court settlement.
The adjournment marks the latest development in a legal dispute that began in 2024, when Nigerian authorities charged Binance with four counts of tax evasion totalling $37.5 million. The case is separate from money laundering charges filed against the exchange and two of its executives earlier last year.
Both parties requested the postponement to allow time for negotiations. The court granted the request, setting the next hearing for September 2025.
Nigerian authorities accused Binance of failing to register with the Federal Inland Revenue Service and of failing to remit value-added tax and company income tax. The charges stem from the exchange’s operations in Nigeria between 2022 and 2024.
Binance has not publicly commented on the settlement talks. The company’s legal troubles in Nigeria escalated in February 2024, when authorities detained two executives, Tigran Gambaryan and Nadeem Anjarwalla, on allegations of money laundering and currency manipulation. Anjarwalla later escaped custody and fled the country, while Gambaryan was released in October 2024 on health grounds after spending eight months in detention.
The Nigerian government has not disclosed details of the proposed settlement terms.
Regulatory Pressure on Crypto Firms
The case reflects Nigeria’s tightening regulatory approach to cryptocurrency platforms operating in the country. In February 2024, the Central Bank of Nigeria ordered telecommunications companies to block access to Binance and other crypto exchange websites, citing concerns over currency manipulation during a period of severe naira devaluation.
Nigeria has one of the highest rates of cryptocurrency adoption globally, with millions of citizens using digital assets for remittances, savings, and cross-border transactions. The government has struggled to balance supporting financial innovation while addressing concerns about illicit financial flows and tax compliance.
The Federal Inland Revenue Service has intensified efforts to bring digital economy operators, including cryptocurrency exchanges, into the formal tax system. In 2024, the agency announced plans to establish a dedicated unit to monitor and tax digital transactions.
An out-of-court settlement could allow Binance to resolve its tax liabilities without a protracted trial, potentially enabling the exchange to resume full operations in Nigeria. However, the company has not confirmed whether it intends to re-enter the Nigerian market or what conditions might be attached to any agreement.
Legal analysts suggest that a settlement could set a precedent for how Nigerian authorities handle tax disputes with other international cryptocurrency platforms operating in the country.
The September hearing date provides both parties with several months to negotiate terms. If talks fail, the case will proceed to trial.