Published
1 week ago on
April 27, 2024
The Phoenix Wallet team urged all US-based users to withdraw their funds to other safe places, as its services will be prohibited soon in the US jurisdiction.
Phoenix is a popular self-custodial Bitcoin wallet using Lightning to send/receive payments. The user interface of this wallet is very unique & simple to manage Bitcoin funds easily under full security & safety.
On 27 April 2024, The Phoenix Wallet team urged all US-based customers to withdraw their funds from this wallet, as its application will be removed from the app store from 3 May 2024.
On May 3rd, 2024, @PhoenixWallet will be removed from US app stores.
— Phoenix Wallet (@PhoenixWallet) April 26, 2024
Users from the US should empty their wallet:
– Settings > Close channels (Android)
– Settings > Drain wallet (iOS)
We highly recommend *not force-closing* channels, as on-chain fees could be significant.
So far, no details have come to the public domain to clearly explain the reason for Phoenix Wallet’s departure from US jurisdiction. However, some media reports have attempted to connect this case with the arrest of executives from the popular crypto-mixing service provider, Samourai Wallet.
Phoenix Wallet said that on May 3rd, 2024, it will be removed from US app stores. It advises users from the US should empty their wallet. Phoenix Wallet is one of the major Bitcoin wallets designed specifically for Lightning Network payments. The founders of Samourai Wallet has…
— Wu Blockchain (@WuBlockchain) April 27, 2024
Popular Bitcoin proponent & CEO of Bitcoin blockchain development company Block, Jack Dorsey, responded on this matter and said he feels it was a completely unnecessary decision.
feels completely unnecessary https://t.co/ISYNOKuTnn
— jack (@jack) April 26, 2024
In a follow-up tweet, Dorsey dismissed the connection of the Samourai Wallet case with the Phoenix Wallet decision directly.
no
— jack (@jack) April 26, 2024
It is worth it to note that Q1 2023 started with a very intense situation for this innovative sector for the US-based crypto companies and it seems that the results of those regulatory pressures are coming in these days.
Experts believe that this type of big movement by the Bitcoin-focused businesses will surely create a net negative impact on this Bitcoin bull run badly.
Read also: Franklin Templeton’s proposed ETH spot ETF appeared on the Depository Trust and Clearing Corporation website
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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