📱 Montana becomes first US state to ban TikTok
📱 Montana becomes first US state to ban TikTok
Will take affect in 2024
Hey Waivly Crew! 🌊 Montana has become the first US state to ban Tiktok on personal devices. Tether will direct up to 15% of its operating profits towards purchasing Bitcoin.
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Montana becomes first US state to ban TikTok
Montana Governor Greg Gianforte has signed a bill banning TikTok within the state — the first ban of its kind in the U.S.
The bill, SB 419, bans TikTok from operating within Montana and prohibits app stores from allowing downloads of the app, which is owned by Chinese company ByteDance.
If they do not comply, TikTok and app store operators, such as Apple and Google, could face fines of $10,000 per violation per day.
“To protect Montanans’ personal and private data from the Chinese Communist Party, I have banned TikTok in Montana,” Gianforte tweeted on Wednesday.
TikTok spokesperson Brooke Oberwetter responded with a statement on Twitter:
“Governor Gianforte has signed a bill that infringes on the First Amendment rights of the people of #Montana by unlawfully banning TikTok, a platform that empowers hundreds of thousands of people across the state," she wrote.
“We want to reassure Montanans that they can continue using TikTok to express themselves, earn a living, and find community as we continue working to defend the rights of our users inside and outside of Montana.”
The ban is scheduled to take effect in 2024, though legal challenges could potentially delay that timeline.
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Crypto Special
Tether will buy Bitcoin for stablecoin reserves using realized profits
Tether is to start regular purchases of Bitcoin to strengthen its excess reserves, the stablecoin issuer announced on Wednesday.
The company will allocate up to 15% of its net realized operating profits for buying up the world’s largest cryptocurrency, starting this month.
According to the statement, Tether will custody the BTC stash on its own, without using any third-party custodians.
“Bitcoin has continually proven its resilience and has emerged as a long-term store of value with substantial growth potential,” stated Paolo Ardoino, Tether’s CTO. “Its limited supply, decentralized nature, and widespread adoption have positioned Bitcoin as a favored choice among institutional and retail investors alike.”
On Twitter, Ardoino said Tether has accrued $2.5 billion in excess reserves on top of the 100% reserves that back issued tokens. This is a result of interest rates on U.S. Treasury bills and other investments such as gold.
The development comes after Tether, the company behind the industry’s largest stablecoin, revealed last week that it holds $1.5 billion worth of BTC in its reserves.
Binance Australia suspends AUD fiat services
Binance’s Australian branch has halted Australian dollar deposits, citing issues with its third-party payment service provider.
On Thursday, Binance tweeted that users would be unable to make Australian dollar deposits by bank transfer after payments provider Cuscal cut access.
Withdrawals would also be impacted, it said, without detailing when.
"We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users," Binance wrote.
In a follow-up tweet, Binance said: "users can continue to withdraw AUD, and we will update with any further changes on timing as we know more."
The news comes on the same day that Westpac, the country's second-largest retail bank, banned customers from transacting with Binance.
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