One of the leading Bitcoin Lightning wallet providers, Wallet of Satoshi, recently declared its decision to withdraw its app from the US Apple and Google app stores. This announcement has stirred up the crypto community, leading to conjectures that this move may be a result of the increasing antagonism from US regulatory authorities towards the cryptocurrency industry.
Another Cryptocurrency Player Exits the US Market
Wallet of Satoshi’s decision to exit the US market came to light when crypto users noticed the app’s absence from Apple’s App Store and Google’s Play Store in the United States. This occurrence coincided with the app nearing a significant milestone of over a million transactions for the month. Numerous crypto enthusiasts reported either finding no search results for the Wallet of Satoshi app or being redirected to other wallet applications.
Despite its withdrawal from the US market, the app continues to be available for download in other countries. In a statement on Twitter, Wallet of Satoshi confirmed, “We have committed ourselves to deliver the best Bitcoin experience with Wallet of Satoshi, leading the way in Lightning usability and adoption. However, we have decided to remove our app from the U.S. Apple and Google app stores and will no longer cater to U.S. customers.”
Is it Regulatory Pressure or a Voluntary Decision?
The Bitcoin Lightning Network has witnessed a staggering growth of 1,200% in the last two years. Therefore, Wallet of Satoshi’s decision to exit the US market is perceived as a significant setback for the industry. The Bitcoin Lightning app has not divulged whether this move was compelled by external factors or was a voluntary decision.
However, many crypto users have associated the app’s removal with the regulatory climate in the country. Recent legal actions against Binance and its former CEO, Changpeng Zhao, have intensified concerns about potential regulatory crackdowns.
What’s Next for US Users?
While acknowledging the disappointment this decision might cause to its US user base, Wallet of Satoshi expressed optimism for future developments that might allow them to reconsider and potentially resume operations in the US. To assuage existing US users’ concerns, Wallet of Satoshi assured that they would continue to have full access to their Bitcoin funds. Users can withdraw and transfer their funds to another wallet, thereby alleviating fears about losing access to their crypto holdings.
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