Reports indicate that Trust Wallet is back on the Google Play Store after a temporary removal on Monday morning, causing concern among Android users of the wallet app.
“Unfortunately, Google temporarily took down our app from the Play Store,” the cryptocurrency company posted on its official page around 7:00 a.m. EST. “Google informed us of this, and we filed an appeal weeks ago. Despite waiting for a response from Google, our app was still removed.”
Trust Wallet Back Online on Google Play Store
The announcement advised Android users to download an Android Package Kit (APK) from the wallet’s website since Google had removed it.
“If you’re currently using the Android version of Trust Wallet, it will function as usual, and your funds are secure,” the company assured in its statement.
It also mentioned that those who had uninstalled the app couldn’t reinstall it until Google relisted it.
While the iOS App Store and Google Chrome Browser Extension versions of Trust Wallet were unaffected, the company expressed concern that scammers might create fake apps posing as the wallet.
However, by 7:30 a.m. EST, Trust Wallet confirmed its return to the Google Play Store.
“Well, that was resolved quickly!” the company tweeted. “The Android app is back on the Google Play Store. Let’s keep building, checking charts, and enjoying the outdoors.”
As of Monday morning, Trust Wallet Token (TWT), the wallet’s native coin, had dropped by 5.2%.
Crypto Regulation Pressure on Self-Custody Wallets
The removal of Trust Wallet from the Google Play Store raised concerns among users amidst increased regulatory scrutiny in the U.S. on self-custody crypto wallets.
On Saturday, zkSNACKs, the developer of Wasabi Wallet, announced a complete ban on U.S.-based users from its self-custody wallet services.
“Due to recent announcements by U.S. authorities, zkSNACKs is strictly prohibiting U.S. users from accessing its services,” the company stated.
Although no direct announcement from U.S. authorities was cited, the decision coincided with the Department of Justice (DOJ) unveiling money laundering charges against Samourai Wallet founders Keonne Rodriguez and William Lonergan Hill.
“The FBI is dedicated to uncovering hidden financial schemes and ensuring that individuals can’t hide behind screens to commit financial crimes,” stated FBI Assistant Director in Charge James Smith.
It remains unclear whether self-custody crypto wallets like Trust Wallet may be classified as money transmitters, potentially leading to increased enforcement actions.
Summary Review: Trust Wallet’s temporary removal from the Google Play Store highlighted the ongoing challenges faced by cryptocurrency platforms amidst evolving regulatory landscapes. While the swift resolution of the issue brought relief to users, it underscored the importance of remaining vigilant in the face of potential disruptions. The broader context of regulatory scrutiny, particularly regarding self-custody wallets, adds complexity to the crypto ecosystem, raising questions about the future regulatory environment and its impact on innovation and user access. As the industry continues to navigate these challenges, maintaining transparency, compliance, and user trust will be crucial for sustained growth and adoption.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
