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Regulatory Pressure? Top Bitcoin Lightning wallet Ceases US Services In Unexpected Move

Press Releases Crypto News Bitcoinist Regulatory Pressure? Top Bitcoin Lightning wallet Ceases US Services In Unexpected Move

Wallet of Satoshi, a leading provider of Bitcoin Lightning wallets, has announced its withdrawal from the US market. This move entails removing its application from both the Apple and Google app stores in the United States, marking a notable shift in the company’s operational focus.

This decision, while abrupt, was communicated with an assurance to existing US customers about the safety and accessibility of their funds.

Wallet of Satoshi emphasized that users could transfer their holdings to alternative wallet services, ensuring no disruption to their digital assets. Despite this assurance, the company’s sudden exit raises questions about the underlying factors prompting such a move.

Regulatory Speculations And Industry Reactions

Speculations abound regarding the reasons behind Wallet of Satoshi’s decision. Industry observers have pointed to the increasingly complex crypto regulatory environment in the US as a potential factor.

This conjecture gains weight considering the recent legal challenges faced by major industry players like Binance and its former CEO, Changpeng Zhao. These incidents have highlighted the growing scrutiny and regulatory demands within the US crypto space.

Responding to the development, John Carvalho, Chief Executive Officer of Bitcoin software developer Synonym, suggested that compliance with local regulations might be a “challenge too steep” for Wallet of Satoshi.

Carvalho inferred that the decision to exit the US market could be due to the company’s “inability” or “unwillingness” to adapt to these regulatory demands.

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Author: Samuel Edyme

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