Wallet of Satoshi, a prominent Bitcoin Lightning wallet provider, has announced its decision to remove its app from the US Apple and Google app stores. The withdrawal has sparked speculation within the cryptocurrency community about potential reasons, with many pointing to the increasing hostility from US regulatory authorities towards the crypto industry.
Speculation and Community Response
On November 24th, users noticed the disappearance of the Wallet of Satoshi from Apple’s App Store and Google’s Play Store in the United States. This development coincided with the app approaching a significant milestone of over a million transactions this month. Various users took to Twitter to share their experiences, reporting either no search results or being redirected to alternative wallet applications. Interestingly, the app remained available for download on Apple’s App Store in other countries.
Wallet of Satoshi took to Twitter to address the community, confirming its exit from the US market. The company stated, “We’ve made the difficult decision to remove our app from the U.S. Apple and Google app stores, and will not serve U.S. customers going forward.” While the announcement did not provide specific details on whether the decision was imposed by external forces or voluntary, many crypto users linked the withdrawal to the regulatory environment in the US.
Impact on the Space
The withdrawal of Wallet of Satoshi is perceived as a blow to the cryptocurrency space, especially considering the significant growth of the Bitcoin layer 2 Lightning Network, which has surged by 1,200% in the last two years. The move raises concerns about potential regulatory crackdowns, especially in the wake of recent legal actions against Binance and its former CEO, Changpeng Zhao.
Despite the disappointment expressed by the US user base, Wallet of Satoshi reassured customers that they still have full access to their Bitcoin funds. Users can withdraw and transfer their funds to another wallet, alleviating concerns about losing access to their crypto holdings. The company expressed hope for future developments that might allow them to revisit and potentially resume operations in the US, leaving the door open for possible re-entry into the market.