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Wasabi Wallet developer bars U.S. users amidst regulatory concerns

CoinJournal

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  • zkSNACKs restricts Wasabi Wallet access for U.S. citizens and residents.
  • Decision follows arrests of Samourai Wallet and Tornado Cash founders.
  • Move aims to mitigate legal risks amidst regulatory scrutiny.

In response to recent legal actions and regulatory scrutiny, zkSNACKs, the developer behind the privacy-focused Wasabi Wallet, has decided to restrict access to its services for United States users.

This move comes amidst growing concerns within the cryptocurrency community following the arrests of individuals associated with other privacy-enhancing wallet services, such as Samourai Wallet and Tornado Cash.

Arrests of the founders of Samourai Wallet

The decision to block access for U.S. citizens and residents was announced in a blog update by zkSNACKs, citing recent developments involving other privacy-focused wallet services.

Specifically, the arrests of the founders of Samourai Wallet on charges of money laundering, as well as the arrest of Tornado Cash co-founder Roman Storm on allegations of money laundering and sanctions violations, have raised red flags within the cryptocurrency ecosystem.

These legal actions have put privacy-focused wallet developers under increased scrutiny from regulatory authorities, who are concerned about the potential misuse of these tools for illicit activities such as money laundering.

While privacy-focused wallets offer users enhanced anonymity and security when transacting in cryptocurrencies, they have also attracted attention from law enforcement agencies seeking to crack down on illegal activities in the crypto space.

By proactively restricting access to users from the United States, zkSNACKs aims to mitigate any potential legal risks and ensure compliance with relevant regulations.

The post Wasabi Wallet developer bars U.S. users amidst regulatory concerns appeared first on CoinJournal.


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