Phoenix Wallet to Suspend Services in the US: Reasons Explained

Quick Summary:

Phoenix Wallet, a Bitcoin wallet provider for Lightning Network payments, has announced its impending removal from US application stores.

This development comes as the wallet’s founding company, ACINQ, criticizes the regulation of self-custodial wallets in the US.

The US authorities specifically highlighted self-custodial wallets, which require no know-your-customer procedure, as the primary type of such money-transmitting services.

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Article Details

Author / Journalist: Semilore Faleti

Category: Crypto

Markets: Hungary

Topics: Wallets Providers Money Businesses Services Phoenix Wallet Crypto Lightning Bitcoin Self-custodial

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-04-28 @ 15:00:39 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: bitcoinist.com

Language: English

Article Length: 432 words

Reading Time: 3 minutes read

Sentences: 24 lines

Sentence Length: 18 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoinist

News ID: 20810905

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About Bitcoinist

Main Topics: Crypto

Official Website: bitcoinist.com

Update Frequency: 7 posts per day

Year Established: 2014

Headquarters: Hungary

News Last Updated: 17 hours ago

Coverage Areas: Hungary

Ownership: Independent Company

Publication Timezone: GMT +8:00

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News Language: English

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Publisher ID: #105

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