Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Phoenix Wallet To Disable Services In the US – Here’s Why

Share This Post

Phoenix Wallet, a Bitcoin wallet provider for Lightning Network payments, has announced its impending removal from US application stores. This development comes as the wallet’s founding company, ACINQ, criticizes the regulation of self-custodial wallets in the US.

Related Reading: Custodia To File Appeal Over Denied Access To Fed Master Account

Phoenix Wallet Terminates US Services Over Regulatory Discrimination

On April 26, ACINQ, developers of Phoenix Wallet, expressed disappointment on the non-inclusion of self-custodial wallet providers, Lightning service providers, and Lightning nodes as money services businesses. ACINQ’s statement was driven by a recent announcement by the US Federal Bureau of Investigation, which cautioned users against engaging in unregistered crypto money-transmitting businesses.

The US authorities specifically highlighted self-custodial wallets, which require no know-your-customer procedure, as the primary type of such money-transmitting services. Following the initial message, ACIQN has now announced the removal of the Phoenix wallet app from all US application stores on May 3rd, 2024. 

In preparation. Phoenix Wallet has advised US-based users to empty their wallets. They also advised not to “force-close” channels to avoid significant on-chain fees. Through an  X post,  Phoenix released specific instructions for users: should empty their wallets by going to ‘Settings’ and selecting ‘Close Channels’ on Android devices or ‘Drain Wallet’ on iOS devices.

Alongside ACIQN, zkSNACKs has also banned US citizens from accessing its Wasabi crypto wallet and all associated products and services. While the crypto company didn’t give a specific reason for such action, they highlighted “recent announcements by US authorities” to be a contributing factor to their decision. 

However, it remains to see if these recent voluntary exits could trigger a massive exodus of crypto businesses from the US which is continuously criticized for lacking a clear regulatory framework for the nascent industry.

With the Securities and Exchange Commission’s (SEC) constant crackdown on crypto exchanges and the Department of Justice now going after developers over the misuse of their platforms by sanctioned entities, crypto enthusiasts can only seek the immediate legislative intervention of the US Congress.

Crypto Market Overview

In other news, the cryptocurrency market has performed well in the last day, gaining by 2.70% to attain a market cap of $2.38 trillion. Notably, Ethereum (ETH) and Solana (SOL) lead the way among the top 10 largest tokens, with daily gains of 6.20% and 5.34%, respectively.  Meanwhile, Bitcoin, which ranks as the world’s most valuable digital asset, now trades at $63,855 having also risen by 1.46% within the same time frame.

Phoenix walletTotal crypto market cap valued at $2.314 trillion | Source: TOTAL chart on Tradingview.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Solana Monthly Candle Reclaims Key Levels – Is $240 The Next Target?

Solana has held strong above the $145 level, maintaining a bullish structure despite recent market volatility However, bulls have failed to push decisively above the $155 resistance zone, a key level

Investors increase crypto allocations to yearly highs, Bitcoin leads the accumulation

Investor portfolio allocations to crypto have reached a yearly high of 18% as of April 29, according to a recent report published by CoinShares  The report attributed the increase to recent price

Fed Liquidity or Bust: Veteran Investor Sees Inflation Roaring Back to 9%

A Federal Reserve survey naming the trade war and US debt as the economy’s top threats has prompted veteran investor Clem Chambers to warn of an overlooked supply-chain squeeze that could jolt

Worldcoin Price Forecast: Can WLD Price Regain $2 In April?

The post Worldcoin Price Forecast: Can WLD Price Regain $2 In April appeared first on Coinpedia Fintech News Coinbase announced plans to list WLD coins on the Optimism network soon WLD price has

Vitalik Buterin outlines bold Ethereum goals for 2025 as user engagement peaks

Ethereum co-founder Vitalik Buterin unveiled a set of ambitious goals for the network’s next phase of development, coinciding with a new milestone in ecosystem engagement In an April 30 post,

Ethereum CrossX Indicators Flashes Buy As Insitution Accumulates, Analyst Says Brace For $4,000

New reports indicate that the Ethereum (ETH) CrossX indicator is flashing strong buy signals, suggesting a potential breakout toward $4,000 As the market transitions from selling to buying, on-chain