Nigeria has filed an $81.5 billion lawsuit against Binance, accusing the crypto exchange of causing economic instability and failing to pay taxes. The country’s Federal Inland Revenue Service (FIRS) claims Binance has outstanding tax obligations from 2022 and 2023, along with a 26.75% interest on back taxes. This legal action follows Nigeria’s crackdown on crypto trading platforms amid concerns over the local currency’s depreciation.

Earlier, Nigerian authorities detained two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, on charges of tax evasion and money laundering. However, the government later dropped the cases against them, instead shifting focus to pursuing legal action against Binance itself. The exchange has faced increasing scrutiny in Nigeria as regulators attempt to control digital asset-related financial risks.

Meanwhile, Coinbase is also dealing with legal challenges as a shareholder lawsuit accuses the company of misleading investors about bankruptcy risks. The complaint, filed by investor Wenduo Guo, alleges Coinbase failed to disclose that customer funds might be classified as part of its bankruptcy estate, leaving retail investors vulnerable as unsecured creditors. The lawsuit also claims Coinbase engaged in undisclosed trading activities to mitigate declining crypto prices.

In a separate development, the U.S. Securities and Exchange Commission (SEC) has approved the first yield-bearing stablecoin, signaling regulatory acceptance of interest-generating digital assets. As global regulatory oversight tightens, crypto firms continue to face legal battles and shifting compliance requirements in multiple jurisdictions.

Dubai’s Financial Services Authority (DFSA) has officially recognized Circle’s stablecoins, USD Coin (USDC) and EURC, as the first stablecoins approved under its digital asset regulatory framework. This approval allows businesses operating within the Dubai International Financial Centre (DIFC) to integrate these stablecoins into various financial applications, including payments and treasury services.

The DIFC, a key financial hub in the Middle East, has experienced rapid growth, housing nearly 7,000 companies, a 25% increase from 2023. Regulatory advancements in the United Arab Emirates (UAE) have driven this expansion, with authorities implementing new licensing frameworks and stablecoin oversight policies.

While Circle’s stablecoins have gained recognition in Dubai, competitor Tether has also expanded its presence in the UAE. In late 2024, Tether’s USDT was approved as a virtual asset in Abu Dhabi, and the company has been working to integrate its stablecoin into the local real estate market. These developments highlight the increasing role of stablecoins in the region’s financial ecosystem.

The stablecoin sector has witnessed massive growth, with USDC’s market capitalization surging by over 23% since January 2025. Despite this, Tether’s USDT continues to dominate the industry with a 63% market share. As regulatory clarity improves, Dubai’s recognition of stablecoins signals further institutional adoption in the digital asset space.

Nasdaq has filed to list the Canary HBAR ETF, an investment fund designed to provide exposure to Hedera’s native token, HBAR. The filing is part of a growing trend of applications seeking regulatory approval for altcoin-based ETFs. Canary Capital initially submitted its proposal in November, aiming to capitalize on investor interest in Hedera’s hashgraph technology.

Canary Capital has previously filed for ETFs tracking Solana, Litecoin, and XRP, highlighting increasing demand for regulated investment products in the crypto space. Other asset managers have also proposed ETFs for Polkadot, Dogecoin, and the Official Trump token. However, approval from the U.S. Securities and Exchange Commission (SEC) remains pending.

Following the political shift under President Trump’s second term, the SEC has softened its stance on crypto-related financial products. Two crypto index ETFs have already launched in early 2025, with analysts predicting more approvals. Bloomberg Intelligence estimates a 65% chance of an XRP ETF getting approved, with even higher odds for Litecoin and Solana.

The SEC previously approved Bitcoin and Ether spot ETFs in 2024 but remained cautious regarding other cryptocurrencies. Market participants are now closely watching whether the regulatory environment will continue to evolve, enabling broader ETF adoption for altcoins.