While we don’t yet know the exact cause of removal, it’s a fair guess that a Lightning wallet company that is also the largest Lightning node on the network could be deemed a money transmitter.
On May 3rd, 2024,
@PhoenixWallet
will be removed from US app stores.
Users from the US should empty their wallet:
- Settings > Close channels (Android)
- Settings > Drain wallet (iOS)
We highly recommend *not force-closing* channels, as on-chain fees could be significant.
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@paullinator
Large lightning nodes will have to be certified money transmitters in the US. We already see this coming.
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@paullinator
Yes.
Recent announcements from US authorities cast a doubt on whether self-custodial wallet providers, Lightning service providers, or even Lightning nodes could be considered Money Services Businesses and be regulated as such.
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@paullinator
Looks like the people predicting that Lightning would cause more centralization were right.
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@paullinator
Anyone running a Bitcoin service without full regulatory compliance can and likely will be deemed a money transmitter.
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@paullinator
I know why. It's because Buttcoin $BTC maxis have been
#gaslightning
.
They've been trying to convince us that their pathetic 7tps Pet Rock collectable is money.
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