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Wallet of Satoshi (WoS) confirms decision to quit the U.S. market

By:
on Nov 24, 2023
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  • Wallet of Satoshi is a leading BTC lightning payment app
  • The app has suddenly halted its offerings for U.S. customers.
  • Existing U.S. users can send their Bitcoin balances to different wallets.

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Bitcoin lightning app Wallet of Satoshi has confirmed that it will no longer operate in the United States. The company has removed its application from U.S. Apple & Google play stores.

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That comes after multiple users raised alarms as they got no results when searching for WoS on Friday.

While the firm hasn’t confirmed the reason behind its prompt decision, many believe increased regulatory scrutiny by U.S. regulators catalyzed the move.

Wallet of Satoshi quits the U.S. market

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WoS’s decision to depart from the American marketplace follows the latest developments from the United States Securities & Exchange Commission and Department of Justice. The watchdogs have clamped down on top entities in the crypto market, including Binance and Kraken.

Despite its dedication to offering the best experience for Bitcoin investors, Wallet of Satoshi has removed its application from the U.S. Google and Apple app stores. Nonetheless, the platform promises to re-launch in the United States if future developments allow.

“We understand this may be disappointing news, and we share your frustration. We’re hopeful that future developments will allow us to revisit and possibly resume our operations in the U.S.”

Meanwhile, existing users from the United States can access their Bitcoin balances, withdraw without challenges, and send them to the wallet of their choice.

US regulations pressuring crypto firms?

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The United States has adopted a stiffer stance on cryptocurrency, and that has seen many entities fleeing the U.S marketplace. The regulators have amplified their actions lately, forcing Changpeng Zhao to resign as Binance CEO.

X user Pledditor trusts CZ’s current woes have contributed to Wallet of Satoshi’s departure from the U.S. Unlike other jurisdictions, including Europe, the United States remains a challenging region for crypto-related businesses.

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