Phoenix Wallet suspends services for US users due to regulatory uncertainty
Phoenix Wallet, a Bitcoin (BTC) wallet designed specifically for lightning payments, has announced that it will stop providing services to U.S. residents on May 3.
Source: Phoenix Wallet Tweet
ACINQ, the company behind Phoenix Wallet, plans to remove the app from the US App Store, meaning that from that date, US users will no longer be able to access it.
The company has urged its customers in the United States to withdraw their funds immediately. However, the company also reminds customers not to forcefully close their wallet applications as this may result in them paying higher blockchain transaction fees.
In the meantime, the company is calling on its iOS users in the United States to go to the Wallet app's settings page and select and tap the "Empty Wallet" option. For Android users, the company recommends that they should also enter the wallet's settings interface and select the "Close Channel" command, which can safely clear the funds in the wallet.
Although the official has not yet stated the specific reason for removing the wallet from the US App Store, ACINQ hinted in a tweet that some recent statements by the US government have cast doubt on the self-hosted wallets, Lightning Network service providers, and even Lightning Network nodes. Is it possible to be classified as a money services business and therefore regulated.
The company’s decision to remove the wallet app comes after legal action was taken against the founder of the Samourai Bitcoin hybrid wallet. This move suggests that legal action against the founder of Samourai Wallet may have been one of the factors that prompted the company to make this decision.
On April 24, federal prosecutors in the Southern District of New York announced that they had filed a lawsuit against the founders of Samourai Wallet, Keonne Rodriguez and William Lonergan Hill.
Rodriguez and Hill are accused of facilitating illegal transactions through the Samourai Wallet, according to the indictment. Rodriguez could face up to 20 years in prison if convicted, while Hill could face up to five years in prison if found guilty.
The U.S. Department of Justice accused the creator of the Samourai wallet of allowing more than $2 billion in illegal transactions through the platform and collecting more than $4.5 million in fees since 2015. The Justice Department also claims that Samourai was promoted as a tool to resist censorship and promote illegal activity.
Rodriguez’s arrest comes with an FBI warning to users involved in the “operations” of unregistered crypto companies considered money services businesses. The crackdown follows a pattern of U.S. authorities targeting wallets and mixers they believe to be responsible for suspicious activity.
The indictments sparked a backlash in the cryptocurrency community, with CryptoQuant CEO Ki Young Ju defending Rodriguez and Hill, arguing that privacy protection is a fundamental attribute of Bitcoin.
Ki Young Ju compared the situation to punishing the inventor of the knife rather than punishing the person who misuses it, emphasizing that the intention behind using a tool determines its legality. According to him, if a tool itself is designed for a legitimate purpose, then it is those who misuse the tool for illegal activities, not the creator of the tool, who should be held accountable.
The above is the detailed content of Phoenix Wallet suspends services for US users due to regulatory uncertainty. For more information, please follow other related articles on the PHP Chinese website!

The data shows Dogecoin outperforming Bitcoin in large transaction volume and daily active addresses by 41.12% and 34.91% respectively.

Tron has emerged as the top stablecoin destination this week, bringing in $620 million. On the other hand, Arbitrum faces a large outflow of $178 million

The characteristics of Xiaoyi blockchain include: 1. Technology integration, combining multiple technologies to manage smart assets; 2. Dual token mechanism, using NEO and GAS; 3. Digital certificates to solve trust problems; 4. Original dBFT consensus algorithm; 5. Cross-chain interoperability protocol. The steps to conduct transactions on the Xiaoyi blockchain are: 1. Create an account, 2. Get digital currency, 3. Select a trading pair, 4. Place an order, 5. Confirm the transaction, 6. View assets.

BlockDAG's 1M-user milestone, NEAR's bullish signals, and ICP's community push highlight top performers.

The currency circle stablecoin exchange includes: 1. Binance, the world's largest, supports USDT, USDC, BUSD, etc.; 2. Gate Exchange (Gate.io), supports USDT, USDC, PAX, etc.; 3. OKX, supports USDT, USDC, PAX, etc.; 4. Bittrex, supports USDT, USDC, TUSD, etc.; 5. Coinbase, supports USDC, USDT, etc.; 6. Kraken, supports USDC, USDT, GUSD, etc.; 7. Bitfinex, supports USDT, USDC, PAX, etc.; 8. Gemini, supports GUSD, USDC, etc.; 9. Bitst

The main differences between ant blockchain and Bitcoin blockchain include: 1. Consensus mechanism: Ant blockchain uses DPoS or dBFT, and Bitcoin uses PoW. 2. Smart contract: Ant blockchain supports it, Bitcoin does not. 3. Block confirmation speed: Ant blockchain 15 seconds, Bitcoin 10 minutes. 4. Asset Management: Ant Blockchain can issue a variety of digital assets, and Bitcoin mainly trades Bitcoin. 5. Total tokens: 100 million ant coins and 21 million Bitcoins.

The highest price of quantum chains at $106.87 was in 2018. 1. In 2017, the price rose from US$0.3 to above US$12. 2. In 2018, the price reached a maximum of US$94.6719. 3. In 2019, prices fluctuated between US$2.5 and US$4.6. 4. In 2020, the price is up to $4.3456 and the lowest is $0.7617. 5. In January 2024, the price is US$2.2279.

The Binance trading platform has certain security, but it has risks. 1) Security measures include identity verification, multi-factor verification, asset protection, security fund and transaction monitoring. 2) Risk factors include regulatory risks and technical risks. Access method: 1) Enter on the computer through the official website, 2) Apple users on the mobile phone to download the official application, and Android users download it from the official APK link.

Hot AI Tools

Undresser.AI Undress
AI-powered app for creating realistic nude photos

AI Clothes Remover
Online AI tool for removing clothes from photos.

Undress AI Tool
Undress images for free

Clothoff.io
AI clothes remover

Video Face Swap
Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Article

Hot Tools

DVWA
Damn Vulnerable Web App (DVWA) is a PHP/MySQL web application that is very vulnerable. Its main goals are to be an aid for security professionals to test their skills and tools in a legal environment, to help web developers better understand the process of securing web applications, and to help teachers/students teach/learn in a classroom environment Web application security. The goal of DVWA is to practice some of the most common web vulnerabilities through a simple and straightforward interface, with varying degrees of difficulty. Please note that this software

VSCode Windows 64-bit Download
A free and powerful IDE editor launched by Microsoft

SublimeText3 Mac version
God-level code editing software (SublimeText3)

SAP NetWeaver Server Adapter for Eclipse
Integrate Eclipse with SAP NetWeaver application server.

Dreamweaver Mac version
Visual web development tools