The crypto industry in the US is overwhelmed by the doom and gloom. The developers of Wallet of Satoshi, a popular mobile custodial wallet, stopped serving American clients. This app has been already removed from the US marketplaces such as the App Store and Google Play. The company affirms that American customers retain access to their funds which can be withdrawn and transferred to another crypto wallet.
How come common customers have to deal with such inconveniences? Earlier, the company was targeted as its clients could not manage their funds at their discretion because this type of wallet is centralized and the provider manages funds on behalf of customers. Nevertheless, the Bitcoin wallet gained popularity in the world. According to estimates, crypto holders completed more than 13.68 million transactions through Wallet of Satoshi.
Wallet of Satoshi operates on Bitcoin’s Lightning Network. Thanks to this payment protocol, Bitcoin transactions are executed in a speedy mode. This protocol allows clients to buy tokens directly through the app or pay for online shopping using a QR code. Clients appreciate the simple interface of Wallet of Satoshi. The wallet owes its popularity exactly to this feature.
Experts reckon that the company decided to quit its business in the US because American financial regulators had been stepping up pressure on crypto firms. Nowadays, crypto platforms have to deal with crackdowns, enforcement measures, and lawsuits filed by watchdogs. The reason is the unstable regulatory framework in the country.
Interestingly, the company management said in a communique that there is hope for resuming its operation in the US in the future. Once the legal framework for the crypto industry is finalized in the US, the company will return to the domestic market.
The crypto community again was agitated by two scandalous events in November. US crypto platform Kraken was sued for trading unregistered securities. Besides, internationally operating crypto platform Binance settled claims with the US Justice Department. Eventually, Binance founder and CEO Changpeng Zhao resigned, facing a penalty of $4.3 billion.