Phoenix and Wasabi Wallets withdraw from US amid regulatory scrutiny.
ACINQ's Phoenix Wallet and zkSNACKs' Wasabi Wallet have announced their withdrawal from the U.S. market following intensified regulatory oversight. This decision comes in the wake of actions taken against other self-custody Bitcoin wallet providers, stirring concerns over the classification and regulation of such services as money service businesses in the U.S.
zkSNACKs has explicitly barred U.S. users from accessing its Wasabi Wallet services as of their latest announcement on April 27. Similarly, ACINQ has advised users of its Phoenix Wallet to withdraw their bitcoins before new restrictions come into effect on May 2. Both companies are reacting to potential regulatory pressures after the SEC issued warnings and took actions against other entities in the Bitcoin space, suggesting a possible crackdown on unregistered financial services.
The landscape for Bitcoin wallet providers in the U.S. is becoming increasingly complex, with legal uncertainties prompting some to exit the market to avoid potential legal challenges. Meanwhile, users are advised to comply with the new policies and prepare for changes in how they manage their Bitcoin holdings.
#Bitcoin #Regulation #PhoenixWallet #WasabiWallet
oxhak / Ox HaK
npub1sxe…z7z7
2024-04-28 08:57:07
Author Public Key
npub1sxexewvzysc3affq4yzzh7w8e3udyujap2vlj7t6lkdg5dvhp24q4dz7z7Published at
2024-04-28 08:57:07Event JSON
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"content": "Phoenix and Wasabi Wallets withdraw from US amid regulatory scrutiny.\n\nACINQ's Phoenix Wallet and zkSNACKs' Wasabi Wallet have announced their withdrawal from the U.S. market following intensified regulatory oversight. This decision comes in the wake of actions taken against other self-custody Bitcoin wallet providers, stirring concerns over the classification and regulation of such services as money service businesses in the U.S.\n\nzkSNACKs has explicitly barred U.S. users from accessing its Wasabi Wallet services as of their latest announcement on April 27. Similarly, ACINQ has advised users of its Phoenix Wallet to withdraw their bitcoins before new restrictions come into effect on May 2. Both companies are reacting to potential regulatory pressures after the SEC issued warnings and took actions against other entities in the Bitcoin space, suggesting a possible crackdown on unregistered financial services.\n\nThe landscape for Bitcoin wallet providers in the U.S. is becoming increasingly complex, with legal uncertainties prompting some to exit the market to avoid potential legal challenges. Meanwhile, users are advised to comply with the new policies and prepare for changes in how they manage their Bitcoin holdings. \n\n#Bitcoin #Regulation #PhoenixWallet #WasabiWallet",
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