IBEX Pay to Suspend US Operations: Lightning Network Payments Firm Withdraws Amid Regulatory Uncertainties

IBEX Pay to Suspend US Operations: Lightning Network Payments Firm Withdraws Amid Regulatory Uncertainties

Bitcoin Lightning Network payments firm IBEX Pay, has announced its withdrawal from the US market effective May 31, 2024. This decision comes amidst regulatory uncertainties and a challenging business environment for crypto companies in the United States. Founded in 2018, IBEX Pay has been instrumental in onboarding banks, crypto wallets, exchanges, and corporates onto the Lightning Network, a layer-two scaling solution for Bitcoin. The company has been a key player in facilitating fast and low-cost Bitcoin payments. However, the regulatory landscape in the US has presented significant obstacles to the growth and operations of crypto businesses. IBEX Pay's exit from the US market highlights the ongoing challenges faced by the crypto industry in navigating regulatory complexities. The company's decision serves as a reminder of the need for clear and supportive regulations to foster innovation and growth in the digital asset space. Previously on May 16, 2024, Bitcoin Lightning Network-based payments firm IBEX Pay announced via an official blog post that it "has made the difficult decision to discontinue all services in the United States effective May 31, 2024 (PDT)." IBEX Pay has been onboarding banks, crypto wallets, exchanges, and corporates onto the Lightning Network since its founding in 2018.