#BinanceAirdropAlert Binance, the world's largest cryptocurrency exchange, is currently navigating several significant legal and regulatory challenges:

Legal Challenges in Nigeria

The Nigerian government has filed a lawsuit against Binance, seeking $79.5 billion in economic damages and an additional $2 billion in back taxes. The lawsuit accuses Binance of tax evasion and attributes some of Nigeria's currency issues to the exchange's operations. In 2024, two Binance executives were detained in Nigeria amid a government crackdown on the crypto industry. Binance has stated its intention to cooperate with Nigeria's Federal Inland Revenue Service to address these issues.

Regulatory Developments in the United States

In the United States, Binance.US has resumed full services in USD after a period of regulatory uncertainty. This development follows the departure of former SEC Chairman Gary Gensler and a shift towards a more crypto-friendly regulatory environment under the new administration. Both Binance and the SEC have jointly requested a 60-day pause in their legal battle to allow for the development of a regulatory framework for digital assets.

Ongoing Investigations in France

French authorities have intensified their investigation into Binance over suspicions of violating European money laundering and terrorist financing laws. The judicial probe suggests that Binance may have been involved in habitual money laundering related to drug trafficking and tax fraud affecting both France and the EU. Binance has expressed disappointment over the ongoing investigation and refutes the allegations.

Market Impact

These legal and regulatory challenges have had a noticeable impact on Binance's native cryptocurrency, BNB. As of February 23, 2025, BNB is trading at $652.53, reflecting a decrease of $12.02 (approximately 1.81%) from the previous close.