Nigeria Sues Binance for $81.5 Billion, Blaming Exchange for Economic Turmoil

Nigeria has filed an $81.5 billion lawsuit against cryptocurrency exchange Binance, accusing it of destabilizing the country’s economy and contributing to the naira’s steep decline. The lawsuit demands $79.5 billion in damages and an additional $2 billion in back taxes. This legal battle is part of an ongoing conflict between Nigerian authorities and Binance, which includes money laundering allegations and the arrest of a Binance executive in 2024. The naira has lost over 70% of its value since 2023, with officials claiming Binance’s unregistered operations fueled its devaluation. Binance continues to face legal scrutiny, with a money laundering trial set for next week.

SEC Reviews Proposal to Allow Staking for 21Shares Ethereum ETF

The U.S. Securities and Exchange Commission has acknowledged a filing from Cboe BZX Exchange on behalf of 21Shares, seeking comments on permitting staking for the 21Shares Core Ethereum ETF. If approved, the ETF could generate additional returns by staking its ETH holdings, with rewards passed on to investors. This follows a similar filing by NYSE Arca for Grayscale’s Ethereum ETFs last week.

The SEC’s stance on Ethereum staking has evolved, with regulatory shifts under the Trump administration favoring a clearer legal framework. Institutional interest in Ethereum ETFs has surged, with ownership rising from 4.8% to 14.5% in Q4, signaling growing confidence in ETH as a yield-generating asset.

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Trump Takes Credit for Bitcoin’s Record Highs, Vows to Make America the Crypto Capital

U.S. President Donald Trump attributed Bitcoin’s surge to his commitment to making the U.S. the global leader in crypto. Speaking at the Future Investment Initiative conference in Miami, Trump emphasized his administration’s support for digital assets, including appointing crypto-friendly regulators and issuing executive orders to foster industry growth.

Bitcoin was trading near $96,700 on Wednesday, following an all-time high of over $108,000 earlier this year. Trump also highlighted his administration’s efforts to end regulatory hostility toward crypto, criticizing the SEC’s past enforcement actions. With a pro-crypto Congress taking shape, the U.S. appears poised for significant shifts in digital asset policy.

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Ethereum Transaction Fees Drop to Four-Year Lows Amid Onchain Slowdown

Ethereum’s 7-day moving average of transaction fees fell to $0.77 on February 15, marking a 70% drop from the previous week and reaching the lowest level since July 2020. Median gas prices also hit historic lows, with a reading of 1.19 GWEI—the lowest recorded since early 2020.

While lower fees often boost user activity, the steep decline appears to signal weak demand rather than improved efficiency. Ethereum’s onchain volume has also plummeted, dropping 46% in a week to $4.19 billion—its lowest level since November 2024. The prolonged downturn raises concerns about declining engagement with the network.