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IBEX Pay decided to wind down its business from the US crypto market citing uncertainty & hostile regulatory environment for this innovative sector.
The US jurisdiction is a very big hotspot for the crypto sector, as the top crypto companies are backed & founded by US investors & players. Despite companies’ significant inclination toward the crypto sector, the US financial regulators are not open to adopting this new money sector.
Following the bankruptcy & downfall of crypto projects in 2022, the US regulators imposed multiple regulatory actions against top crypto companies, even though the majority of the top players follow traditional rules & laws perfectly to avoid legal challenges.
Due to the uncertain regulatory environment, the majority of crypto companies are shifting their operations from the US market to another crypto-friendly jurisdiction.
On 16 May 2024, Bitcoin Lightning Network payment IBEX Pay announced that they decided to wind down their business services from the US jurisdiction.
The Bitcoin payment service of this company will not be available effectively from 31 May 2024.
After careful consideration it has been decided that effective 31st of May 2024, all IBEX Pay services in the USA will be suspended.
Thank you for the support you have given us and we hope to serve you in the future. pic.twitter.com/7AXiDwW7DI
— IBEX Pay ⚡️ (@IBEXpay) May 15, 2024
Earlier in April of this year, we reported that the company zkSNACKs, which makes the private Bitcoin wallet called Wasabi, has shut down services for US customers.
Link to blog post announcement https://t.co/vaQ50eXpj1
— Wasabi Wallet (@wasabiwallet) April 27, 2024
Also just before Wasabi Wallet, Phoenix Bitcoin Wallet firm also terminated services for US customers.
https://t.co/cWEF3UQ6hF#Phoenix Bitcoin Wallet Departs From The #US Jurisdiction
— Bitcoinik (@Bitcoinikdotcom) April 27, 2024
All these things show that all the Crypto payment service providers are facing regulatory heat or some kind of unknown pressure in the US jurisdiction and they are shutting down their services to remain away from big legal battles.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
This article was originally published by a cryptodaily.co.uk . Read the Original article here. .
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