Due to increased regulation of the cryptocurrency industry in the United States, two popular non-custodial wallets — Phoenix Wallet and Wasabi Wallet — announced their decision to stop serving American users and leave the US market.

The decision comes amid recent moves by U.S. regulators to make it clear that non-custodial cryptocurrency wallets may be considered remittance service providers. This approach was applied to Consensys, the company behind the popular Metamask wallet, as well as the developers of Samourai Wallet.

To avoid potential problems with regulators, the Phoenix Wallet and Wasabi Wallet teams decided to move their activities to other jurisdictions with a more favorable legal climate for cryptocurrency business.

The developers of Phoenix Wallet, ACINQ, emphasized in a statement that recent interpretations by US authorities suggest that even providers of self-custody wallets, Lightning Network interoperability programs and Lightning node operators may be considered financial services companies and should be regulated accordingly. way.

ACINQ also notified US users to withdraw their funds to other wallets and stop using Phoenix Wallet by May 2.

The decision by Phoenix Wallet and Wasabi Wallet to leave the US market comes amid increasing pressure from US regulators on the cryptocurrency industry. Authorities recently accused the creators of Samourai Wallet of money laundering, further highlighting the growing risks for cryptocurrency companies operating in the United States.

You might be interested in:
14.07.2025

JPMorgan May Start Issuing Cryptocurrency-Secured Loans: A Signal of Change in the Financial Sector

JPMorgan is considering launching cryptocurrency-backed lending — Bitcoin and Ethereum. The initiative reflects banks' growing trust in digital assets and changing attitudes toward the crypto market.
11.07.2025

Tether Stops USDT Support on Five Blockchains: Moving to More Efficient Networks

As of September 1, 2025, Tether will end support for USDT on the Omni, BCH SLP, Kusama, EOS, and Algorand blockchains. The company is focusing on more stable and popular networks such as Ethereum and Tron and strengthening liquidity through gold reserves.
08.07.2025

MiCA in Action: 53 Crypto Companies Receive EU Licenses, But Binance and Tether Are Out

Since MiCA came into force, 53 crypto companies have received licenses in the EU, including Circle and Coinbase. Binance and Tether have yet to receive regulatory approval. The new law tightens control over the crypto market, but is controversial for its pressure on innovation.s.
05.07.2025

Hong Kong Tightens Stablecoin Licensing: What's in Store for the Market from August 2025

Hong Kong will introduce strict licensing rules for stablecoin issuers from August 1, 2025. Companies must prove financial stability, have a business plan, and back their tokens with assets of at least HKD25 million. Authorities expect only a few licensed projects.
Related Topics
Armenia
Binance
Bitcoin
Blockchain
blockchains
Coinbase
crypto companies
crypto exchange
Crypto in Estonia
Crypto license in Hong Kong
crypto market
Crypto Regulation
Crypto Regulations in Hong Kong
Crypto Regulations in the US
Crypto-Friendly Banks
cryptocurrency
Cryptocurrency in Hong Kong
Cryptocurrency License
Cryptocurrency License in Estonia
cryptocurrency license in Malta
cryptocurrency license in the USA
Cryptocurrency Regulation
MetaMask
MiCA
Nigeria
Obtaining a cryptocurrency license
Stablecoin
stablecoins
Staking
Popular
14.07.2025

JPMorgan May Start Issuing Cryptocurrency-Secured Loans: A Signal of Change in the Financial Sector

JPMorgan is considering launching cryptocurrency-backed lending — Bitcoin and Ethereum. The initiative reflects banks' growing trust in digital assets and changing attitudes toward the crypto market.
11.07.2025

Tether Stops USDT Support on Five Blockchains: Moving to More Efficient Networks

As of September 1, 2025, Tether will end support for USDT on the Omni, BCH SLP, Kusama, EOS, and Algorand blockchains. The company is focusing on more stable and popular networks such as Ethereum and Tron and strengthening liquidity through gold reserves.
08.07.2025

MiCA in Action: 53 Crypto Companies Receive EU Licenses, But Binance and Tether Are Out

Since MiCA came into force, 53 crypto companies have received licenses in the EU, including Circle and Coinbase. Binance and Tether have yet to receive regulatory approval. The new law tightens control over the crypto market, but is controversial for its pressure on innovation.s.
05.07.2025

Hong Kong Tightens Stablecoin Licensing: What's in Store for the Market from August 2025

Hong Kong will introduce strict licensing rules for stablecoin issuers from August 1, 2025. Companies must prove financial stability, have a business plan, and back their tokens with assets of at least HKD25 million. Authorities expect only a few licensed projects.
To help improve your experience of our website we would like to use cookies. This means we collect some information on your activity while you are on the website. For more information read more about our use of cookies here, your setting can be changed at any time. Please accept our use of cookies and help us improve your experience.