What is Binance being accused of in Nigeria?

Binance is facing a lawsuit from the Nigerian government over alleged $2 billion in unpaid taxes. Authorities are also seeking nearly $79.5 billion in damages tied to claims the exchange operated without a licence. This makes it one of the largest legal disputes Binance has faced globally.

Why is Binance trying to settle the Nigeria tax case?

Binance has initiated out-of-court settlement talks to potentially resolve the dispute faster and reduce legal risk. Ongoing litigation could be costly, time-consuming, and damaging to its operations in the region. A settlement may also help stabilise its regulatory position in Nigeria.

What happened in the latest court hearing involving Binance?

At a hearing in Abuja, Binance confirmed it had begun discussions with Nigeria’s tax authorities. The court acknowledged these negotiations and adjourned the case until May 12. This pause allows both sides time to explore a possible settlement.

How big is the financial risk for Binance in this case?

The financial exposure is significant, with $2 billion in alleged back taxes and up to $79.5 billion in claimed damages. While the full amount may not be enforced, it represents a major legal overhang. For investors, this highlights substantial regulatory and financial risk.

What other charges is Binance facing in Nigeria?

In addition to the tax case, Binance is facing a separate $35.4 million money laundering charge from Nigeria’s Economic and Financial Crimes Commission. This adds another layer of legal complexity. Multiple cases increase pressure on the company’s operations in the country.

Who is representing Binance in the Nigeria case now?

Binance is currently represented locally after earlier involvement from executive Tigran Gambaryan, who was detained and later released. Another executive, Nadeem Anjarwalla, is no longer part of the case. Binance remains the sole defendant and has entered a not-guilty plea.

What role did the alleged $150 million bribe claim play?

The dispute intensified after allegations that Nigerian lawmakers demanded a $150 million bribe from Binance. While not proven in court, the claim added political tension to the case. This has likely made negotiations more complex and sensitive.

How could this impact Binance users and traders?

In the short term, users may not see direct changes unless restrictions or enforcement actions escalate. However, prolonged legal issues could affect Binance’s services or availability in Nigeria. This is a risk factor for users relying on the platform in that region.

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Binance seeks Nigeria tax case settlement talks

Written by Isaac FrancisPublished Mar 27, 2026, 12:00 AM

Binance is seeking an out-of-court settlement with Nigerian authorities over a $2 billion tax dispute, signalling a potential resolution to one of its largest legal battles.

The exchange confirmed during a hearing in Abuja that it had begun discussions with the Nigeria Revenue Service, with both parties acknowledging ongoing negotiations.

Judge Emeka Nwite adjourned proceedings until May 12 to allow time for progress, as Binance attempts to resolve allegations tied to unpaid taxes and regulatory breaches.

The case stems from a February 2025 lawsuit in which Nigeria accused Binance of owing $2 billion in back taxes and sought an additional $79.5 billion in damages linked to alleged economic losses.

The dispute escalated following claims that Nigerian lawmakers demanded a $150 million bribe from Binance, adding political tension to the case and complicating negotiations.

Binance remains the sole defendant after charges against former executive Tigran Gambaryan and another executive were dropped, though the company has maintained a not-guilty plea.

Separately, Binance is also facing money laundering charges from Nigeria’s Economic and Financial Crimes Commission involving $35.4 million, underscoring broader regulatory pressure on the exchange in the region.

Binance seeks Nigeria tax case settlement talks

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Binance seeks Nigeria tax case settlement talks

Frequently asked questions