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Wallet of Satoshi Halts Services In US Amid Rising Regulatory Interference – Crypto News

Published

3 years ago

November 24, 2023

Dripp

Wallet of Satoshi, a Bitcoin lightning payments application is reportedly removed from the Apple app store and Google’s Play store. Several users on Friday tried to search for WoS but got no results. Due to this, several posts on X floated asking for the app.

In response to all queries, Wallet of Satoshi announced that they are halting services in the United States for now and will no longer serve US-based customers.

Wallet Of Satoshi Departs Due to Uncertain US Regulations

In an X post, Wallet of Satoshi has decided to halt its services for the United States market. This decision comes as the company faces a challenging regulatory landscape. The decision came after recent actions from the U.S. Department of Justice (DoJ) and the Securities and Exchange Commission (SEC) targetting major crypto entities, including Binance and Kraken.

Despite serving as one of the leading Bitcoin wallet and lightning apps, the company has made the difficult choice to remove its app from the U.S. Apple and Google app stores. Effective immediately, Wallet of Satoshi will no longer serve U.S. customers.

The decision was made as Wallet of Satoshi emphasizes its unwavering commitment to maintaining a secure, user-friendly, and compliant cryptocurrency platform on a global scale. The company’s top priority remains the safety and interests of both its customers and the organization itself.

Also Read: Hong Kong SFC Wary of Binance’s License Amid Regulatory Pressures

Social Media Reactions

The sudden removal of the app has sent shockwaves across social media. The users instantly came to the microblogging site and expressed their deep concerns.

Taunting the US regulations, one of the X users criticizes the U.S. experience, citing that overregulation and mandatory KYC have made them lose valuable startups.

Acknowledging potential disappointment and frustration within its U.S. community, Wallet of Satoshi expressed hope. Future developments in the regulatory landscape may allow for a reassessment, potentially enabling the resumption of operations in the U.S.

For existing users in the USA, Wallet of Satoshi assures full access to Bitcoin funds, allowing for seamless withdrawal and transfer to alternative wallets.

Expressing deep appreciation for ongoing support, Wallet of Satoshi reaffirms its commitment to bringing Bitcoin benefits to many. The company encourages users to stay tuned for updates amid regulatory challenges. The Wallet of Satoshi however will be active for the rest of the listed countries.

Also Read: Cathie Wood’s Ark Invest Sells Another Batch Of GBTC Holdings