Google Play has reportedly delisted Trust Wallet, a non-custodial digital wallet for cryptocurrencies, just days after the FBI cautioned against using non-KYC (Know Your Customer) crypto services.
Trust Wallet, acquired by Binance in 2018, has seemingly vanished from the Google Play marketplace. Users attempting to access the app’s page are now redirected to a blank page, indicating its unavailability.
While the reason for removal remains undisclosed, both Trust Wallet and Google Play have yet to issue public statements on the matter. Following the news, Trust Wallet’s native token TWT experienced a significant drop of over 5%, as per CoinGecko data.
Established in 2017 by Viktor Radchenko, Trust Wallet offers non-custodial storage services for various cryptocurrencies across blockchain networks. Binance’s acquisition of Trust Wallet in 2018 marked a significant development, although the financial details of the transaction remain undisclosed.
The timing of Trust Wallet’s removal coincides with the FBI’s warning to Americans regarding the usage of crypto services from unregistered Money Services Businesses (MSBs) and non-compliance with anti-money laundering regulations. However, it remains uncertain whether Google’s decision to remove Trust Wallet is directly linked to this warning, as other non-custodial crypto wallets remain accessible on Google Play.
Conclusion: Uncertainty Surrounds Trust Wallet’s Removal
The sudden removal of Trust Wallet from Google Play raises questions about the reasoning behind the action. While the FBI’s warning on non-KYC crypto services may have influenced the decision, clarity is needed from both Trust Wallet and Google Play to understand the full extent of the situation. As the crypto community awaits further developments, the incident underscores the importance of regulatory compliance and transparency in the digital asset space.
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