{"id":593,"date":"2024-04-28T15:00:39","date_gmt":"2024-04-28T15:00:39","guid":{"rendered":"https:\/\/cryptd.in\/phoenix-wallet-to-disable-services-in-the-us-heres-why\/"},"modified":"2024-04-28T15:00:39","modified_gmt":"2024-04-28T15:00:39","slug":"phoenix-wallet-to-disable-services-in-the-us-heres-why","status":"publish","type":"post","link":"https:\/\/cryptd.in\/ja\/phoenix-wallet-to-disable-services-in-the-us-heres-why\/","title":{"rendered":"Phoenix Wallet To Disable Services In the US \u2013 Here\u2019s Why"},"content":{"rendered":"<p>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\u2019s founding company, ACINQ, criticizes the regulation of self-custodial wallets in the US.\n<\/p>\n<p>Related Reading: <a href=\"https:\/\/bitcoinist.com\/custodia-to-appeal-denied-access-fed-master-account\/\" target=\"_blank\" rel=\"noopener\">Custodia To File Appeal Over Denied Access To Fed Master Account<\/a><\/p>\n<h2><strong>Phoenix Wallet Terminates US Services Over Regulatory Discrimination<\/strong><\/h2>\n<p>On April 26, ACINQ, developers of Phoenix Wallet, <a href=\"https:\/\/x.com\/acinq_co\/status\/1783878732865740940\" target=\"_blank\" rel=\"noopener\">expressed<\/a> disappointment on the non-inclusion of self-custodial wallet providers, Lightning service providers, and Lightning nodes as money services businesses. ACINQ\u2019s 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.\n<\/p>\n<p>Recent announcements from US authorities cast a doubt on whether self-custodial wallet providers, Lightning service providers, or even Lightning nodes could be considered Money Services Businesses and be regulated as such.<\/p>\n<p>\u2014 ACINQ (@acinq_co) <a href=\"https:\/\/twitter.com\/acinq_co\/status\/1783878732865740940?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">April 26, 2024<\/a><\/p>\n\n<p>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<a href=\"https:\/\/x.com\/acinq_co\/status\/1783878735168507972\" target=\"_blank\" rel=\"noopener\"> announced<\/a> the removal of the Phoenix wallet app from all US application stores on May 3rd, 2024.\u00a0<\/p>\n<p>In preparation. Phoenix Wallet has advised US-based users to empty their wallets. They also advised not to \u201cforce-close\u201d channels to avoid significant on-chain fees. Through an\u00a0 <a href=\"https:\/\/twitter.com\/PhoenixWallet\/status\/1783878658014249027\" target=\"_blank\" rel=\"noopener\">X post<\/a>,\u00a0 Phoenix released specific instructions for users: should empty their wallets by going to \u2018Settings\u2019 and selecting \u2018Close Channels\u2019 on Android devices or \u2018Drain Wallet\u2019 on iOS devices.<\/p>\n<p>Alongside ACIQN, zkSNACKs has also<a href=\"https:\/\/bitcoinist.com\/wasabi-wallet-disables-services-following-samourai\/\" target=\"_blank\" rel=\"noopener\"> banned<\/a> US citizens from accessing its Wasabi crypto wallet and all associated products and services. While the crypto company didn\u2019t give a specific reason for such action, they highlighted \u201crecent announcements by US authorities\u201d to be a contributing factor to their decision.\u00a0<\/p>\n<p>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.<\/p>\n<p>With the Securities and Exchange Commission\u2019s (SEC) constant crackdown on crypto exchanges and the Department of Justice <a href=\"https:\/\/bitcoinist.com\/breaking-samourai-wallet-co-founders-arrested\/\" target=\"_blank\" rel=\"noopener\">now going after developers<\/a> over the misuse of their platforms by sanctioned entities, crypto enthusiasts can only seek the immediate legislative intervention of the US Congress.\n<\/p>\n<h2><strong>Crypto Market Overview<\/strong><\/h2>\n<p>In other news, the cryptocurrency market <a href=\"https:\/\/coinmarketcap.com\/charts\/\" target=\"_blank\" rel=\"noopener\">has performed well<\/a> 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.\u00a0 Meanwhile, Bitcoin, which ranks as the world\u2019s most valuable digital asset, now trades at $63,855 having also risen by 1.46% within the same time frame.\n<\/p>\n<p>Total crypto market cap valued at $2.314 trillion | Source:<a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/\" target=\"_blank\" rel=\"noopener\"> TOTAL chart on Tradingview.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>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\u2019s 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\u2019s 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. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Phoenix Wallet To Disable Services In the US \u2013 Here\u2019s Why - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/ja\/phoenix-wallet-to-disable-services-in-the-us-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"ja_JP\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phoenix Wallet To Disable Services In the US \u2013 Here\u2019s Why - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"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\u2019s 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\u2019s 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. 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