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

The narrative

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

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.