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ACINQ and zkSNACKs Discontinue Services for U.S. Customers
ACINQ’s Phoenix Wallet and zkSNACKs’ Wasabi Wallet have made the decision to discontinue their services for customers in the United States in response to recent regulatory actions.
Concerns Over Regulatory Crackdown
Both companies have expressed concerns about the classification of self-custodial wallet providers as legitimate money service businesses following actions taken against other industry players.
zkSNACKs Bans U.S. Users
In an official statement, zkSNACKs announced the prohibition of U.S. users from utilizing its services due to recent announcements by U.S. authorities.
ACINQ’s Instructions to Users
ACINQ has given Phoenix Wallet users until a specified date to adjust to the upcoming changes, while Wasabi Wallet’s new policy was implemented immediately. ACINQ advised Phoenix Wallet users to drain their wallets without force-closing them to avoid significant on-chain fees.
Regulatory Focus on Self-Custodial Wallets
The recent regulatory focus on self-custodial wallets stems from concerns that they may facilitate illicit activities such as money laundering.
Legal Actions Against Industry Players
Consensys, the creator of MetaMask, and the co-founders of Samourai Wallet have faced legal actions related to their operations in the cryptocurrency space.
Global Regulatory Contrasts
While the U.S. regulatory landscape has become more stringent, European regulators have taken a slightly different approach towards anti-money laundering laws.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.