Bitcoin wallet “Wallet of Satoshi” to be discontinued for US users

1 year ago 72

No longer available in the US

On the 24th, the project that develops the wallet “Wallet of Satoshi” for the crypto asset (virtual currency) Bitcoin (BTC) announced that it will end its service to US users.

The company did not give a clear reason for the termination, but said: “Our commitment to providing a safe, easy-to-use, and compliant platform to the world remains unchanged.” He also commented, “We hope that future conditions will allow U.S. users to resume use.”

To our valued Wallet of Satoshi community in the United States of America,

We’ve dedicated ourselves to providing the best Bitcoin experience with Wallet of Satoshi, being at the forefront of Lightning usability and adoption. However, we’ve made the difficult decision to remove…

— Wallet of Satoshi (@walletofsatoshi) November 24, 2023

Wallet of Satoshi is a custodial wallet that is used as a mobile app. It is used to send and receive Bitcoins and leverages Lightning Network technology.

What is a custodial wallet?

A wallet in which the private key is managed by a third party rather than by the user himself. Terms such as “non-custodial” and “self-management type” are used as antonyms of “custodial type.”

Virtual currency glossary

connection: What is the “Lightning Network” that even beginners can understand? | Explaining the characteristics and mechanism

The project team explained that they have decided to remove Wallet of Satoshi from both the Apple and Google app stores used by US users. The company emphasized that the Bitcoin held by US users remains accessible and can be sent to other wallets.

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He also stated that the project’s top priority is the safety and profits of its users and company, and explained that it will continue to work to make the benefits of Bitcoin available to as many people as possible.

Is it because of US regulations?

It has been reported on social media that Wallet of Satoshi is no longer available in the United States. Some speculated that U.S. regulations may be behind the discontinuation of the service.

John Carvalho, CEO of Synonym, which develops Bitcoin-related tools, said, “Wallet of Satoshi is probably unable or unwilling to comply with U.S. regulations.”way of seeingIt shows.

connection: SEC lawsuit between Binance and Coinbase | Summary of the current state of virtual currency regulation and industry reaction

It was reported on the 23rd that Wallet of Satoshi’s processing volume on the Lightning Network in November was approaching 1.1 million, which is likely to break the record for monthly processing volume. On the other hand, there seems to be some criticism for the fact that it is a custodial type wallet.

Wallet of Satoshi is on pace to process over 1.1 million Lightning payments in November.

This will be their largest month of Lightning payments ever.

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