Today in crypto: Binance trial nears, Mark Cuban backs away

Nigeria sues Binance for $81.5 billion as Bitcoin surges

Nigeria has launched a lawsuit against Binance, seeking $81.5 billion in damages and unpaid taxes, as Bitcoin continues trading above $96,000.

The West African nation is demanding $79.5 billion, alleging that Binance disrupted its national economy. An additional $2 billion is being sought for unpaid taxes. The case follows rising tensions between Nigeria and Binance, including the detention of a senior Binance executive last year.

Despite the legal battle, Bitcoin rose 1.26% to $96,854, while Ethereum gained 0.79%, reaching $2,729. Binance’s BNB token, the cryptocurrency issued by Binance, dipped slightly by less than 1%. Next week, Binance faces another trial in Nigeria over allegations of facilitating $35 million in money laundering, a case that could set a precedent for crypto regulations in emerging markets.

ETFs: A crypto contradiction?

Swiss digital asset bank Sygnum is questioning the growing popularity of crypto ETFs, arguing that they contradict the core values of the digital asset space.

Sygnum criticized ETFs—investment funds that track the price of cryptocurrencies—for bringing traditional finance’s limitations into crypto, such as restricted trading hours and lack of direct asset ownership. Currently, crypto ETFs hold more than $110 billion in Bitcoin—nearly 6% of its total market cap—and $10.37 billion in Ethereum, accounting for 3.15% of Ethereum’s market cap.

With major institutions now exploring Solana and XRP ETFs, Sygnum believes the future of crypto lies in native financial services—using crypto directly rather than through traditional financial products.

Fantasy Top expands to Monad’s test net

Ethereum-based NFT game Fantasy Top is expanding from the Blast network to Monad’s test net—a trial version of a blockchain used for testing before public release—introducing a free-to-play model that allows players to claim 15 hero cards at no cost and start competing from tomorrow.

Fantasy Top gained early momentum with $21 million in trading volume but has struggled to maintain engagement. The move to Monad comes as the network looks to rival Solana and Ethereum after raising $244 million in funding.

Mark Cuban scraps memecoin plans after Argentine scandal

Billionaire Mark Cuban has abandoned plans to launch a memecoin following a crypto scandal in Argentina that saw President Javier Milei endorse the Libra memecoin. The token reached a $4.5 billion market cap before collapsing within hours, after an advisor admitted to pulling $100 million from the project, leading to fraud charges and calls for Milei’s impeachment.

Cuban, who had considered launching a memecoin to help reduce US national debt, now says he wants no part in what he calls “a game of musical chairs.” While Bitcoin remains above $97,000, the memecoin sector is under increasing scrutiny, with SEC Chair Hester Peirce suggesting that most tokens may remain unregulated.

Brazil approves world’s first XRP ETF

Brazil’s securities regulator, CVM, has approved the first XRP exchange-traded fund (ETF), led by crypto investment firm Hashdex.

With a population of more than 200 million, Brazil represents a significant market for crypto investment. The ETF allows investors to gain exposure to XRP without dealing with direct custody challenges. XRP is currently moving within a price range, with key levels to watch at $2.25 (lower end) and $2.71 (upper end), which traders see as indicators of potential price movements.

While the US is still reviewing XRP ETF applications, Brazil’s approval marks a milestone in integrating crypto into traditional financial markets.