By
Temitope Olatunji
April 26th, 2024
While Wallet of Satoshi has exited the US market for now, the company expressed hope for a potential return.
Wallet of Satoshi (WoS), a popular Bitcoin (BTC) Lightning payments app, has mysteriously disappeared from both Apple Inc‘s (NASDAQ: AAPL) App Store and Google’s Play Store in the United States. This development comes at a time when the app is on the brink of processing over 1 million transactions for the month of November.
The Disappearance Wallet of Satoshi
Early today, users and members of the crypto community took to the X platform to share their unsuccessful attempts to locate the WoS app on both major app platforms. Instead of finding the app, users said messages redirecting them to competing wallet applications popped up. However, the app continues to be available for download on the Australian Apple App Store and the Australian and Singapore Google Play Store versions.
Despite the app’s removal from the US market, industry experts anticipate that November will mark Wallet of Satoshi’s “largest month of Lightning payments ever”. According to Kevin Rooke, an industry author and podcaster, WoS is projected to process over 1.1 million Lightning payments this month. This staggering figure emphasizes the app’s significant role in facilitating Bitcoin Lightning transactions globally.
To address the confusion surrounding its disappearance, Wallet of Satoshi released a statement on X, explaining that the removal from the US app stores was not due to a ban. Instead, the company made a deliberate decision to withdraw its services from the US market. The post mentioned that the withdrawal was a challenging choice, and while it did not provide specific reasons, it hinted at the possibility of a return depending on “future developments.”
Speculations on the Wallet of Satoshi’s Disappearance
The speculation around the app’s withdrawal initially centered on potential regulatory pressures in the US, especially given recent legal actions against crypto entities like Binance and its former CEO. However, the company clarified that it was a strategic decision influenced by its need to comply with local regulations or laws that it either could not or did not want to.
However, Apple’s tight control over in-app payments, coupled with its 30% transaction tax, has been a long-standing barrier for crypto platforms seeking a presence on the App Store. This issue has led to conflicts and even legal action, and as reported earlier by Coinspeaker, disgruntled PayPal Venmo and Block’s Cash App users have filed a class-action lawsuit against Apple, alleging anti-competitive agreements.
While Wallet of Satoshi has exited the US market for now, the company expressed hope for a potential return, stating:
“We’re hopeful that future developments will allow us to revisit and possibly resume our operations in the US.”
Existing US users are assured that they retain full access to their BTC funds and have the option to transfer them to alternative wallets.