Crypto News: Binance Legal Drama Slashes BNB to $520 Amid Nigerian Tax Battle!

Binance’s issues in Nigeria have turned once more. The high-profile tax evasion lawsuit against the crypto exchange in Nigeria has been postponed to April’s end by a court order. Citing procedural discrepancies, Binance questioned how it had been provided court documents, thus delaying proceedings. The situation still underlines the thorny legal and regulatory conflicts between worldwide crypto companies and local governments as Nigeria’s tax agency readies its answer. This development has once again dominated crypto news headlines, raising concerns over jurisdiction and compliance.

Legal Details and Background

The court hearing on April 7 centred on a motion from Binance legal issue to invalidate an earlier ruling that allowed the Federal Inland Revenue Service (FIRS) to serve documents via email. Binance, which has no physical office in Nigeria and is incorporated in the Cayman Islands, argues that proper cross-border legal protocols were not followed.

The FIRS filed the case in February, accusing Binance of owing billions in unpaid taxes and causing economic damage to the naira through its operations. The regulator claims Binance has a significant economic presence in Nigeria and should be subject to local corporate tax laws, including penalties and interest on unpaid amounts.

This isn’t Binance’s first run-in with Nigerian authorities. In 2024, two Binance executives were detained on separate charges, though tax-related accusations were later dropped. Binance exited the Nigerian market last March, halting naira-based transactions amid mounting legal pressure. With the next court date set for April 30, the case remains a key legal flashpoint for the crypto industry in Africa’s largest economy, capturing close attention across crypto news outlets. Let’s take a look at the BNB price prediction to see how this development impacts the price of BNB.

BNB Price Prediction for April 8, 2025

The 15-minute BNB/USDT chart shows a mixed picture, with Binance Coin attempting to stabilize after a sharp drop to the $520 support zone. The recent recovery from this low has been met with resistance around $570, forming a short-term range between $550 and $570. BNB price is currently hovering near $558, showing a slight upward bias but lacking strong conviction. RSI stands at 43.93, below the neutral 50 level, suggesting mild bearish momentum. Multiple dips into the oversold region recently have provided brief relief bounces, but no sustained trend reversal has followed.

Chart 1: Analysed by vallijat007, published on TradingView, April 8, 2025

The MACD is showing signs of fading bullish momentum. While it previously crossed bullish, the histogram is now declining, and the MACD line is close to a bearish crossover. If BNB loses the $550 support, a retest of the $520 demand zone is likely. However, a breakout above the $570 resistance with strong volume could shift the bias back to bullish. Until then, BNB remains range-bound, and short-term traders should watch for volatility near the support-resistance edges.

Legal Pressure Keeps Binance in Focus

The adjournment of Binance’s tax case in Nigeria underscores the regulatory challenges facing global crypto platforms in emerging markets. As Binance legal issues linger and court proceedings stretch on, Binance’s regional influence continues to face scrutiny. Market reactions remain cautious, with Binance Coin showing short-term volatility but lacking a clear directional breakout. With another hearing set for April 30, the outcome could shape the tone for crypto oversight in Nigeria and signal broader implications for compliance in international crypto operations. For now, this Binance saga remains a recurring headline in crypto news coverage.

The post Crypto News: Binance Legal Drama Slashes BNB to $520 Amid Nigerian Tax Battle! appeared first on Coinfomania.