Binance is reportedly discussing an out-of-court settlement with Nigerian authorities to resolve its ongoing tax evasion case.
The Multi-Billion Dollar Legal Dispute
Top cryptocurrency exchange Binance has reportedly initiated talks with Nigerian authorities to resolve its ongoing tax evasion case through an out-of-court settlement. At a hearing before High Court Judge Emeka Nwite in Abuja, the company’s counsel, Sunday Agaji, confirmed that discussions were underway with the Nigeria Revenue Service.
According to a local report, the prosecution lawyer Moses Ideho, Deputy Director in the agency’s Legal Department, also acknowledged the move, noting that the defence had approached the service earlier in the day to explore settlement options. Judge Nwite adjourned proceedings until May 12 to allow both parties to report on the progress of negotiations.
In February 2025, the Nigerian government filed a lawsuit against Binance, accusing the cryptocurrency exchange of owing $2 billion in back taxes. The suit, reportedly filed in retaliation against claims that Nigerian lawmakers demanded a $150 million bribe from the company, also sought nearly $79.5 billion in compensation for alleged economic losses tied to Binance operating without a license.
Former Binance executive Tigran Gambaryan, who spent several months in Nigerian custody, initially represented the exchange. After his release, Binance’s Nigerian representative, Ayodele Omotilewa, took his place and entered a not-guilty plea on behalf of the company.
Eventually, the court struck out the names of Gambaryan and another Binance executive who escaped from custody, Nadeem Anjarwalla, leaving Binance as the sole defendant. The company is also facing separate proceedings: the Economic and Financial Crimes Commission (EFCC) has charged Binance with money laundering involving $35.4 million.
FAQ ❓
- What is Binance accused of in Nigeria? The Nigerian government alleges Binance owes $2 billion in back taxes and caused $79.5 billion in economic losses.
- What legal actions has Nigeria taken? Binance faces tax evasion charges, a money laundering case involving $35.4 million, and a separate civil suit.
- Who represents Binance in court? Ayodele Omotilewa, Binance’s Nigerian representative, entered a not‑guilty plea on behalf of the company.
- What is the current status of the case? Settlement talks are underway, with the court adjourning until May 12 for updates.
