The prominent lightning wallet provider Wallet of Satoshi (WoS) has suspended its services in the US. In an advanced communication, the WoS claimed to have removed its application from Apple and Google app catalogs, marking a dramatic exit from the US market.
News concerning the suspension of WoS in the US clients created mixed reactions among retail and institutional clients.
WoS Exits US Market
On X (formerly Twitter), the affected US customers expressed disbelief that they would no longer access the WoS app on IOS or Android mobile phones.
Others shared their annoying experience when attempting to log into their WoS app. After multiple failed attempts to access the WoS, the US customers reported the matter to the company.
In response, the WoS team apologized for inconveniencing the US customers. The digital wallet provider described removing the WoS on Google and Apple app stores as the most challenging decision.
Moving forward, the WoS team confirmed that its service would remain suspended in the US. However, the Bitcoin Lightning company anticipates that WoS will soon establish a significant comeback in the US in future.
Crypto Firms Exiting US Cites Lack of Regulatory Clarity
For years, the WoS has played a pivotal role in improving the Bitcoin experience and pushing for mainstream adoption of crypto assets. According to the X post, the WoS demonstrated its unwavering commitment to increasing the usability of the Bitcoin Lightning Network.
In light of WoS’past achievements, the company has provided a safe, secure, and compliant wallet. Additionally, the WoS has leveraged emerging technologies to ensure the wallet is user-friendly and cost-effective.
To sustain the desired success, WoS has invested heavily in improving the platform’s safety and customer experiences. In the meantime, the WoS team has advised the US customers to withdraw their assets or transfer funds to different wallets.
The WoS assured the affected customer that their asset would remain safe during the downtime. In a subsequent post, the WoS confirmed that the changes had not affected their customers outside the US.
Upon reaching WoS users outside the US to assess whether the digital wallet was available on the IOS and Google, the Australian and Singapore users confirmed that the services were still available.
WoS Silences Tides of Criticism
News concerning the suspension of WoS in the US ignited heated debates on X. Some users argued that the US regulators had instructed WoS to exit the US market.
Citing the ongoing legal and regulatory action against the fast-paced crypto exchange Binance and the chief executive Changpeng Zhao, the customers suspected that WoS was restricted in the US due to non-compliance cases.
Elsewhere, the chief executive of Synonym, the prominent Bitcoin software developer John Carvalho, argued that the WoS was required to comply with US regulations to continue operating the region.
Reportedly, this was not the first incident when the WoS faced tides of criticism. Months ago, the crypto community questioned the custodial feature of the WoS. Compared to the non-custodial solutions, the market critics noted that the WoS custodial restricts user control over customers’ funds.
Despite the speculation the renown podcaster Kevin Rooke reviewed the market performance of WoS and was pleased to note a growing popularity of the platform for the past few months. Rooke envisages the WoS will support over 1.1 million payments this month. He anticipates that WoS will witness the largest Lightning Network-supported transaction in November.