Prominent Bitcoin Lightning Wallet to Close Operations in the US: Details
- Wallet of Satoshi (WoS), a Bitcoin Lightning wallet provider, has decided to quit the United States market.
- The wallet provider has also removed its application from the US Apple App Store and Google Play Store.
- The business expressed hope, stating that it would re-enter the US market if “future developments” allowed it.
- A crypto entrepreneur said that WoS left the US as it was required to comply with laws in ways that it could not.
Wallet of Satoshi, a prominent Bitcoin Lightning wallet operating globally, has announced that it will end its services in the United States amid the recent regulatory takedowns of crypto businesses in the region by authorities. The wallet applications from the Apple App Store and Google Store have disappeared as well.
As per an announcement via social media platform X (formerly known as Twitter), Wallet of Satoshi said that it has taken the “difficult decision” of removing the “app from the U.S. Apple and Google app stores and will not serve U.S. customers going forward,” while adding:
“This decision doesn’t come lightly. Our commitment to providing a secure, user-friendly, and compliant platform globally is unwavering. Our top priority is the safety and interests of our customers and our company.”
Additionally, the Bitcoin Lightning wallet provider also expressed hope about “future developments” that would allow Wallet of Satoshi to re-enter the United States and provide its services to users based in the region. Moreover, for the users that are currently using the wallet, the wallet provider confirmed that they can withdraw their funds whenever they’d feel like doing so but did not reveal an exact withdrawal deadline.
John Carvalho, CEO of Bitcoin software developer Synonym, said in response to the announcement from the wallet provider that Wallet of Satoshi quit the US because it needed to “comply with local regulations or laws in ways that it cannot or does not want to.” He also noted that it is very important for firms to operate with proper licenses if they seek to operate internationally.
Carvalho pointed out that lots of investors “think of things naively” when it comes to digital asset regulation because “they are used to so many bitcoin/crypto companies operating illegally.”
It is also important to note here that Wallet of Satoshi is on pace to process over 1.1 million Bitcoin Lightning payments in November, according to industry author and podcaster Kevin Rooke. The wallet provider is recording its strongest month ever as it quits the United States market.
As reported earlier by BitcoinWisdom, a few days ago, Bittrex Global, a prominent digital asset trading platform based in Liechtenstein, confirmed that it will be ending its services and that all trading activities on the platform will be disabled starting December 4.