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Binance is having a weird moment, perhaps most clearly illustrated by the fact that a national government detained two of its executives for a month now – and one is only free because he seemingly escaped custody.
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Tax evasion
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The narrative
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Nigeria and the Philippines have recently cracked down on Binance in extremely different ways, while what used to be Binance in Russia is shutting down.
Why it matters
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Binance has been the poster child as the target of governments' ire against the crypto industry. Actions like last year's joint U.S. Department of Justice, Treasury Department and Commodity Futures Trading Commission settlement against Binance support the thesis that Binance hasn't played within regulatory guidelines in the past. And then there's whatever is going on in Nigeria.
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Breaking it down
It's been a bit of a weird time for Binance. Two executives had been detained by a country that appears to be grasping for reasons to keep them there (one has since escaped, possibly with a fake passport). In the meantime, a handful of other countries have cracked down on the exchange.
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Over the weekend, the operator of what used to be Binance's Russian platform, CommEx, announced it would start shutting down services in the country over the next several weeks.
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Meanwhile, the Philippines' Securities and Exchange Commission published an order announcing it would block Binance in the nation, saying it "poses a threat to the security of the funds of investing Filipinos." This follows a warning from the regulator last November.
