🏦 Major Investment Deal: Trump-Linked Stablecoin Facilitates $2B Binance Stake
A UAE-backed fund, MGX, is set to acquire a $2 billion minority stake in Binance using USD1, a stablecoin launched by World Liberty Financial—a crypto firm associated with the Trump family. The announcement was made at the TOKEN2049 conference in Dubai by co-founder Zach Witkoff and Eric Trump. This development underscores the growing relationship between Binance and the United Arab Emirates.
⚖️ Legal Update: Nigerian Tax Evasion Case Adjourned
A Nigerian judge has adjourned the tax evasion case against Binance to May 12, 2025. The Federal Inland Revenue Service (FIRS) alleges that Binance's operations have contributed to Nigeria’s economic instability and is seeking $79.5 billion in damages plus $2 billion in back taxes. The case was postponed to allow the court to consider a request by FIRS to serve court documents by email, due to Binance being registered offshore and lacking a physical office in Nigeria.
Reuters
📈 Market Highlights
Bitcoin (BTC): Surpassed $104,000, marking a 1.65% increase in 24 hours.
Binance
BNB (Binance Coin): Currently trading at $654.14, experiencing a slight decrease of 1.72% from the previous close.
🔧 Platform Updates
Binance Earn Resurge: Users can now enjoy up to 10.5% APR with FDUSD Flexible Products.
Binance
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Portfolio Margin Adjustments: Effective May 16, Binance will update the collateral ratio of multiple assets under its Portfolio Margin system.
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