Binance Seeks Out-of-Court Settlement in Nigeria Tax Case

Binance is trying to settle its tax evasion case with the Nigerian government out of court. The company's lawyer told a federal high court in Abuja on March 24 that both sides are 'exploring settlement.' The judge adjourned the case until May 12 for a progress report.

The case goes back to July 2024, when Binance was re-arraigned on four counts of tax evasion. The company's Nigerian representative pleaded not guilty. Two Binance executives were initially charged but later discharged, and one escaped custody in 2024.

The numbers are big. The government claims Binance owes about $2 billion in back taxes and is seeking another ~$79.5 billion in a separate civil suit for alleged economic losses. Huge. Binance also faces a separate money laundering case. All before the same judge.

For now, the trial is on hold. If settlement talks fail, it picks back up in May. If they succeed, the case closes without a verdict. We'll see.