IBEX, a company that provides solutions to simplify Bitcoin usage, has decided to withdraw from the US market.
In a statement, the company said, "After a thorough evaluation, it has been decided to discontinue all IBEX Pay services in the US effective May 31, 2024."
As a financial infrastructure provider, IBEX facilitates the use of Bitcoin for merchants and corporate businesses via the Lightning Network. The company is also actively operating in El Salvador, Guatemala, and Mexico.
Users with Bitcoin in their accounts by this date will receive payments to their Swan accounts or Bitcoin addresses.
The US government has not yet established comprehensive regulations for cryptocurrencies. The Securities and Exchange Commission (SEC) has been criticized for "regulating the crypto sector through enforcement" in recent times.
It is unclear whether IBEX's decision to withdraw from the US market is due to these regulatory uncertainties.
