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$108,546 technology company ACINQ’s popular wallet, Phoenix Wallet, announced it will cease operations for its users in the USA. The wallet provider revealed on May 3rd that it would withdraw from US application stores. Following the decision, the company advised its US users to empty their wallets and warned against any forced closures, as this could lead to significant on-chain fees. Let’s take a closer look at the details.
Regulatory Uncertainty in the US Leads to Negative Steps
ACINQ’s move appears to be related to the increasing regulatory uncertainties in the US recently. In an alternative explanation, ACINQ stated that they made this decision due to regulatory complications in the US. Concerns about Phoenix Wallet’s withdrawal from the United States are growing as US regulators may classify and regulate similar service providers as “Money Services Businesses.”
This decision comes especially after recent debates about the classification of self-custody wallet providers, Lightning service providers, and even Lightning nodes. ACINQ stated that they will continue to serve users but will assess other possible effects of the US withdrawal decision on operations.
Recent Court Decisions Draw Attention
Recently, a court in the Southern District of New York accused the founders of the Bitcoin mixer wallet Samourai of facilitating illegal transactions, including laundered funds. Following this event, the Federal Bureau of Investigation (FBI) warned users about starting ‘operations’ on various unregistered cryptocurrency firms.
On the other hand, the sentencing hearing for CZ, the former CEO of Binance, will take place on April 30th. In this context, prosecutors have requested a 36-month prison sentence for CZ. Close associates of CZ and leading figures in the cryptocurrency sector have sent letters to the judge highlighting CZ’s successful life and his philanthropic contributions to the cryptocurrency field.
The activity and uncertainty in the cryptocurrency space by regulators continue to impact both users and providers. The withdrawal of Phoenix Wallet from the US once again highlights the effects of regulatory pressure on the industry.
On the other hand, the company’s decision to withdraw from America is certain to affect not only its users but also the company itself, as the company has already lost a significant customer base.
