Wallet of Satoshi Exits US Market Amidst Record-Breaking Month, Leaving Customers to Seek Alternatives

On Friday, Wallet of Satoshi, a provider of Lightning Network payment services, announced its departure from the U.S. market, though it refrained from providing specific reasons. The firm informed its U.S. clientele that they could “withdraw and transfer” their funds to a different wallet.

Wallet of Satoshi Halts U.S. Operations

A recent update on X (previously known as Twitter) revealed that Wallet of Satoshi (WoS), headquartered in Australia, is ceasing operations in the United States. WoS, an application available on iOS and Android, enables users to manage bitcoin (BTC) and Lightning Network transactions. Daniel Alexiuc established the company in 2018.

The announcement from WoS expressed, “We’ve made the difficult decision to remove our app from the U.S. Apple and Google app stores, and will not serve U.S. customers going forward.” The statement emphasized, “This decision doesn’t come lightly. Our commitment to providing a secure, user-friendly, and compliant platform globally is unwavering. Our top priority is the safety and interests of our customers and our company.”

Further, the WoS statement mentioned:

We understand this may be disappointing news and we share your frustration. We’re hopeful that future developments will allow us to revisit and possibly resume our operations in the U.S.

This move coincides with what was shaping up to be a record-breaking month for WoS, as observed by Kevin Rooke. “Wallet of Satoshi is on pace to process over 1.1 million Lightning payments in November,” stated Rooke two days prior. He attributed the surge in transactions this month largely to effective Lightning advertising.

What do you think about the Wallet of Satoshi leaving the U.S. and pulling its apps from the Google Play and Apple App Store? Share your thoughts and opinions about this subject in the comments section below.