100,000,000 Dogecoin (DOGE) Hits Binance
In a significant development, 100 million Dogecoin (DOGE), valued at approximately $25.4 million, was recently deposited into Binance, the world's largest cryptocurrency exchange. This transaction, confirmed by Whale Alert, has sparked speculation about the intentions behind the move. Typically, large deposits to exchanges suggest potential selling activity, contrasting with withdrawals that indicate holding strategies. The timing of this transfer coincides with DOGE's price dropping below $0.30 for the first time since November 2024, followed by an additional 0.8% decline. This has left traders questioning whether this is a precursor to further price drops or merely a routine transfer. (Source: U.Today, https://u.today/100000000-dogecoin-doge-hits-worlds-largest-crypto-exchange)
Deribit in Acquisition Talks with Kraken
Cryptocurrency options exchange Deribit remains in discussions with Kraken regarding a potential acquisition, despite earlier reports suggesting otherwise. According to sources, Deribit could be valued between $4 billion and $5 billion. The exchange, known for its dominance in digital asset options trading, has also attracted interest from Coinbase. Deribit CEO Luuk Strijers has previously emphasized the platform's appeal as a market leader, making it a strategic addition for Kraken's trading offerings. Both Kraken and Deribit have declined to comment on the ongoing negotiations. (Source: CoinDesk, https://www.coindesk.com/business/2025/02/20/crypto-exchange-deribit-still-in-talks-to-be-acquired-by-kraken-source)
Nigeria Sues Binance for $81.5 Billion
The Nigerian government has filed a lawsuit against Binance, seeking $79.5 billion in economic damages and $2 billion in back taxes. Authorities accuse Binance of contributing to the country's currency issues and allege that the exchange has a "significant economic presence" in Nigeria, making it liable for corporate income tax. The Federal Inland Revenue Service (FIRS) is also demanding penalties and interest on unpaid taxes. Binance, which ceased naira transactions in 2024, is contesting the charges and has denied allegations of money laundering. (Source: The Guardian, https://www.theguardian.com/technology/2025/feb/19/nigeria-binance-crypto-lawsuit)
FTX Begins Repaying Customers
Defunct cryptocurrency exchange FTX has initiated repayments to customers affected by its 2022 collapse. The bankruptcy estate has released $1.2 billion to claimants with losses under $50,000, marking the first phase of a broader repayment plan. While the total repayment amount remains uncertain, this initial distribution has been welcomed by creditors who had lost hope of recovering their funds. Sunil Kavuri, an FTX creditor, described the development as a turning point in the prolonged battle for restitution. (Source: Yahoo Finance, https://finance.yahoo.com/news/defunct-crypto-exchange-ftx-begins-211838945.html)
Sources:
- 100,000,000 Dogecoin (DOGE) Hits World's Largest Crypto Exchange
- Crypto Exchange Deribit Still in Talks to Be Acquired by Kraken: Source
- SEC Backs Down: Crypto Industry Scores Landmark Victory
- Crypto Exchanges Enter Stablecoin Race As Tether’s Dominance Slips
- Nigeria sues crypto giant Binance for $81.5bn in economic losses and back tax | Cryptocurrencies
- Defunct crypto exchange FTX begins to repay customers—but they’ll only get back a fraction of their crypto holdings
