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Arizona state senator introduces bill to legalize Bitcoin + 281 Nigerian accounts blocked by Binance Crypto Exchange

 

  • A bill to make bitcoin legal money has been introduced in Arizona. Defiance to federal law, the measure may spark an interesting discussion.
  • Binance, a cryptocurrency exchange, has banned 281 Nigerians from using its services. According to CEO Changpeng Zhao, "about 38% of these situations [are] limited at the request of foreign law enforcement."

"I want to make Arizona crypto-friendly."

Republican State Senator Wendy Rogers presented Senate Bill 1341, which would make bitcoin transactional currency or legal money. If the bill passes the Grand Canyon state senate and house, it will be the first in the country to explore this development.
A legal currency is one that is sanctioned by the US Constitution or Congress for the payment of obligations, public charges, taxes, and dues.

decentralized peer-to-peer digital currency, Bitcoin records transactions on the Bitcoin blockchain and creates new units of money by solving 21 mathematical challenges.

On Twitter in September, the senator stated her desire to make Arizona a cryptocurrency-friendly state.

Rogers joined the Blockchain and Cryptocurrency Study Committee on December 31, 2021. The committee's term ends on December 31, 2022, when it is anticipated to report.
Making bitcoin legal money is likely to spark a national debate over bitcoin's increasing acceptability and appeal.

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A September 2021 survey found that 30% of swing-state voters wanted bitcoin legalized. The study found that people of Texas and Wisconsin preferred bitcoin as legal cash, compared to 25% in Arizona, one of the 10 swing states polled by London-based Redfield & Wilton Strategies.

Momentaneamente, solo El Salvador accepta bitcoin. The former Tonga politician Lord Fusitua allegedly indicated Tonga would accept bitcoin as legal currency by November.

Binance disables 281 Nigerian accounts at the request of international law enforcement

Binance, a cryptocurrency exchange, has banned 281 Nigerians from using its services. According to CEO Changpeng Zhao, "about 38% of these situations [are] limited at the request of foreign law enforcement."

Users in Nigeria have received a letter from the cryptocurrency exchange Binance. CEO Changpeng Zhao (CZ) sent a letter of apology for the difficulty caused by delays in responding to customer assistance queries.

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Zhao emphasized that "User security" was and is his exchange's top priority, saying:

"Protection mechanisms such as KYC, anti-money laundering measures, collaboration with law enforcement, and account restrictions are in place to ensure our community is protected and fraudulent activity is prevented. In every nation, "This is a worldwide method that is implemented." Added the CEO:

Approximately 38 percent of the 281 Nigerian accounts impacted by these personal account limitations were prohibited at the request of foreign law enforcement.

In the next section, Zhao outlined Binance's efforts to re-establish confidence in Nigeria's cryptocurrency community.

To begin, he said that Binance is "Ensuring fast settlements of outstanding customer issues connected to account limits," noting: "

Currently, we have settled 79 instances and are still working on the other ones. Within a two-week timeframe, all matters not involving law enforcement will be handled.

"Devoting additional customer service professionals to the region" is another issue being addressed. There are going to be more CS and risk agents who are well-versed in the Nigerian industry," Zhao said.

Some Binance users in Nigeria have started a boycott movement since their accounts have been frozen. "At times, we ban accounts proactively in order to safeguard the cash of users. Occasionally, we are required to ban accounts by law enforcement. Binance, on the other hand, promised last week that it will never limit accounts for no good reason.

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As recently as August, Binance said that it is prioritizing regulatory compliance. To transition from a technology to a financial services firm, the firm is transitioning away from a decentralized to centralized business model.


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