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.
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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.
— Phoenix Wallet (@PhoenixWallet) April 26, 2024
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.
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.
In a follow-up tweet, Dorsey dismissed the connection of the Samourai Wallet case with the Phoenix Wallet decision directly.
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.
Phoenix Bitcoin wallet departs from the US jurisdiction
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https://bitcoinik.com/phoenix-bitcoin-wallet-departs-from-the-us-jurisdiction/feed/
