Binance Challenges Nigerian Government’s $79.5 Billion Tax Evasion Claims

Cryptocurrency exchange Binance has filed a motion in Nigeria’s Federal High Court to overturn an order for substituted service regarding a lawsuit by the government over alleged tax evasion. The lawsuit, initiated by the FIRS, alleges that Binance caused approximately $79.5 billion in economic loss and failed to register with the FIRS for tax compliance. Binance argues the court should set aside the substituted service order due to the lack of leave from the court to serve documents outside Nigeria. Notably, the exchange operates under Cayman Islands laws and does not have a physical office in Nigeria. !