Crypto news

The Courtroom Comedy: Nigeria’s $81B Email Shuffle

BBG News

In a curious display of bureaucratic ballet, a Nigerian court has decided to tiptoe around Binance’s so-called tax escapade till April 30. One might imagine the judges lost deep in scrolls, sipping tea and deliberating by candlelight — or simply waiting for someone to fix that email fuss 📧.

Nigeria Demands $81B for Unpaid Taxes and Damages

The formidable Federal Inland Revenue Service (FIRS), waving papers like royal decrees, loudly proclaims Binance must part with $2 billion in allegedly vanished taxes and a tidy little $79.5 billion in damages. They mutter gravely about a “significant economic presence,” which is bureaucratic code for “we see you, dear Binance…” Of course, dear reader, there’s also that maddening 10% penalty, piling up like unwashed dishes 🍽.

Meanwhile, Binance’s advocates maintain they were about as properly notified as a cat summoned to do laundry. Since the company resides in the far-off Cayman Islands, FIRS apparently needed official blessings to sling these legal docs via email. Who knew a mailbox could spark such courtroom drama 😏?

Alas, the judges decided to postpone the grand spectacle, allowing FIRS time to huff and puff about its precious email summons. Stay tuned for the next riveting act: “Nigeria vs. Email Settings.”

Nigeria’s Crypto Crackdown

One might say Nigeria is on a mission to wrangle crypto platforms — or at least banish them to a dusty corner. In a move that could make bureaucratic heads spin, two Binance bigwigs faced captivity over extremely suspicious naira-bolstered crypto trades. Allegations flew hither and thither that these trades meddled with the currency market, whisking money away in the dark of night 💸.

Also, the Central Bank declared $26 billion in “mystically unknown” user transactions flowing through Binance. Clearly unimpressed, the authorities demanded the top 100 user accounts, presumably to count all the zeros! In response, Binance locked the door on its P2P trading in Nigeria, citing “system abuse” and exchange rates that might give anyone indigestion 🤯. The government didn’t just raise eyebrows; they reportedly blocked the exchange’s website too.

The eagerly awaited hearing on April 30 shall witness Binance’s robust volley of legal arguments, as the mighty FIRS attempts to blow yet another trumpet call in this curious dance between swift crypto wizardry and stodgy financial decrees. All the while, eager Nigerians still find ways to indulge in digital coin mischief, licensing or no licensing ⛓.

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2025-04-08 09:07

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