The Nigerian government accused Binance of enabling terrorism and kidnapping financing through illegal transactions. Information Minister Alhaji Mohammed Idris stated that this action came after the Nigerian government found no option but to act against the exchange.

The government has filed an $81 billion lawsuit against Binance for money laundering and tax evasion. Additionally, Tigran Gambaryan, the head of security at Binance, was detained on bribery accusations but released due to health concerns.

Meanwhile, over 5,000 U.S. Banks have been permitted to operate in the crypto market following new FDIC regulations that streamline oversight and encourage digital asset integration.