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News

Phoenix Wallet US To Exit App Stores On May 3rd Amid Regulatory Pressure

April 27, 2024 - Around 2 mins mins to read

Key Points:

  • Phoenix Wallet will be removed from US app stores on May 3, 2024.
  • The decision follows the Samourai Wallet founders’ money laundering indictment.
Phoenix Wallet US will be removed from app stores on May 3, 2024. Users should empty wallets. The move follows Samourai Wallet founders’ indictment.
Phoenix Wallet US To Exit App Stores On May 3rd Amid Regulatory Pressure
Phoenix Wallet US To Exit App Stores On May 3rd Amid Regulatory Pressure

Phoenix Wallet, a major Bitcoin wallet designed for Lightning Network payments, has announced that it will be removed from US app stores on May 3rd, 2024. US users are advised to empty their wallets.

Phoenix Wallet US Removal from App Stores

The instructions are as follows: Android users should navigate to settings to “close channels,” whereas iOS users should select “drain wallet” under their settings. The company strongly discourages force-closing channels due to potentially significant on-chain fees.

The decision to remove Phoenix Wallet from US app stores came without a disclosed reason but follows the recent indictment of Samourai Wallet founders by US federal prosecutors.

Readmore: SEC Sues Consensys Over Ethereum Classification: Report

Connection to Samourai Wallet Founders’ Indictment

Samourai Wallet, also a Bitcoin wallet, has been involved in facilitating more than $100 million in transactions from illegal dark web markets, leading to charges of conspiracy to commit money laundering.

Phoenix Wallet’s parent company, Acinq, operates the second-largest Lightning Network node with a capacity of 480.38 BTC, valued at approximately $30.68 million across 2,007 channels.

The removal of Phoenix Wallet from US app stores has been met with considerable dissatisfaction within the crypto community, reflecting growing concerns about the regulatory environment in the US.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Phoenix

Phoenix Acinq

Phoenix Wallet

Phoenix Wallet In US

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
News

Phoenix Wallet US To Exit App Stores On May 3rd Amid Regulatory Pressure

Key Points:

  • Phoenix Wallet will be removed from US app stores on May 3, 2024.
  • The decision follows the Samourai Wallet founders’ money laundering indictment.
Phoenix Wallet US will be removed from app stores on May 3, 2024. Users should empty wallets. The move follows Samourai Wallet founders’ indictment.
Phoenix Wallet US To Exit App Stores On May 3rd Amid Regulatory Pressure
Phoenix Wallet US To Exit App Stores On May 3rd Amid Regulatory Pressure

Phoenix Wallet, a major Bitcoin wallet designed for Lightning Network payments, has announced that it will be removed from US app stores on May 3rd, 2024. US users are advised to empty their wallets.

Phoenix Wallet US Removal from App Stores

The instructions are as follows: Android users should navigate to settings to “close channels,” whereas iOS users should select “drain wallet” under their settings. The company strongly discourages force-closing channels due to potentially significant on-chain fees.

The decision to remove Phoenix Wallet from US app stores came without a disclosed reason but follows the recent indictment of Samourai Wallet founders by US federal prosecutors.

Readmore: SEC Sues Consensys Over Ethereum Classification: Report

Connection to Samourai Wallet Founders’ Indictment

Samourai Wallet, also a Bitcoin wallet, has been involved in facilitating more than $100 million in transactions from illegal dark web markets, leading to charges of conspiracy to commit money laundering.

Phoenix Wallet’s parent company, Acinq, operates the second-largest Lightning Network node with a capacity of 480.38 BTC, valued at approximately $30.68 million across 2,007 channels.

The removal of Phoenix Wallet from US app stores has been met with considerable dissatisfaction within the crypto community, reflecting growing concerns about the regulatory environment in the US.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.