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- Wallet of Satoshi, a major Bitcoin Lightning wallet provider, has withdrawn its app from the US Apple and Google app stores.
- This move coincides with the app approaching over a million transactions and follows reports of increased regulatory scrutiny in the US.
- While US users can still access and transfer their Bitcoin funds, the company’s exit marks a significant setback for the Bitcoin Lightning Network’s growth in the US.
Wallet of Satoshi, a well-known provider of Bitcoin Lightning wallet services, has officially announced its withdrawal from the US market. This decision, disclosed via a Twitter post, comes at a time when the app was nearing a notable milestone of over a million transactions in a single month.
Another player quits the US market
The development surfaced after numerous crypto enthusiasts and users in the United States reported the sudden unavailability of the Wallet of Satoshi (WoS) app on Apple’s App Store and Google’s Play Store. These observations, made on November 24th, highlighted an unexpected void in the market, with attempts to locate the WoS app either yielding no results or redirecting users to alternative wallet applications. Interestingly, the app’s availability remained unaffected in other countries, underscoring the specificity of the US market exit.
Increased hostility or voluntary exit?
The Bitcoin Lightning Network, a second-layer solution designed to enhance Bitcoin’s scalability, has seen an impressive growth of 1,200% over the last two years. Wallet of Satoshi’s departure from the US, therefore, marks a notable setback for the Bitcoin Lightning space in the region.
While the precise motivations behind Wallet of Satoshi’s decision to exit the US market remain unarticulated, speculation abounds that it may be a response to the increasingly complex regulatory landscape in the United States. Recent legal challenges faced by Binance and its former CEO, Changpeng Zhao, have amplified concerns about a possible regulatory crackdown targeting the cryptocurrency industry. Despite these speculations, Wallet of Satoshi has not provided explicit details on whether the move was a proactive strategy or a reaction to external regulatory pressures.
In its communication, Wallet of Satoshi acknowledged the potential disappointment among its US user base but expressed hope for future conditions that might enable a return to the US market. For now, they assured their US customers that access to their Bitcoin funds remains intact. Users are encouraged to withdraw or transfer their funds to other wallets, offering a buffer against potential disruptions in accessing their cryptocurrency assets.
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Damilola Lawrence
Damilola Lawrence has covered news on crypto markets and tech for over 5 years. He has previously shared crypto insights and analysis for TheShibMagazine, CryptoMode, Qweens Magazine, and The Recording Academy before pivoting into Web3. At Cryptopolitan, he is a crypto price prediction specialist. After finishing a bachelor’s degree, he has segued into a master’s degree in IT Cybersecurity at Maria Curie-Skłodowska University.
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