Wallet of Satoshi, a renowned wallet application for Bitcoin’s Lightning Network, has officially announced its exit from the U.S. market. This decision was shared via a Twitter post, indicating the app’s removal from the U.S. Apple and Google app stores and discontinuation of service for American users. While the reasons were not explicitly detailed, the announcement hinted at a commitment to a secure, compliant global platform, underscoring the safety and interests of both customers and the company .
Regulatory Risks: A Possible Factor
Speculations have arisen within the crypto community that this U.S.-specific policy change might be a response to the American regulatory environment. Wallet of Satoshi, as a custodial wallet holding and managing funds centrally, contrasts with non-custodial wallets like the official Bitcoin wallet. This custodial aspect places the company in a similar position to cryptocurrency exchanges, which have recently faced regulatory actions, potentially increasing their risk of regulatory enforcement .
The Community’s Reaction
Prior to the announcement, the app’s absence from U.S. app stores had been noticed by several crypto users, sparking various speculations. Notably, this development occurred as Wallet of Satoshi approached a significant milestone of over one million Lightning transactions in November. While the app remains available in international versions of the app stores, its withdrawal from the U.S. market is seen as a setback for the Lightning Network’s growth and adoption .
Official Statement
Wallet of Satoshi expressed its dedication to offering the best Bitcoin experience and being at the forefront of Lightning Network adoption. Despite this, they felt compelled to make the difficult decision to cease operations in the U.S., leaving the door open for a potential return in the future. This move has been linked by some to the broader context of the regulatory landscape in the U.S., especially in light of recent legal challenges faced by other entities in the cryptocurrency space .
Assurance to U.S. Users
To address concerns of existing U.S. users, Wallet of Satoshi assured that customers would retain full access to their Bitcoin funds, allowing for transactions and withdrawals to other wallets. This step aims to mitigate concerns about losing access to crypto holdings amidst the transition .
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
