Reports say that Google removed Trust Wallet from the Google Play marketplace. Trust Wallet is a non-custodial digital wallet intended for storing cryptocurrencies. This comes right after the FBI warned people not to use crypto services that don’t require “Know Your Customer” (KYC).
In 2018, Binance bought Trust Wallet, a service that lets users handle their cryptocurrency holdings without using a third party. However, people trying to get to Trust Wallet’s page on Google Play now see a blank screen, which means the app isn’t available.
Trust Wallet’s Google Play Removal
The exact reason behind Google’s move has not been made public yet, as neither the Wallet nor Google Play have said anything. Data from CoinGecko shows that after the news came out, the value of Trust Wallet’s native token TWT dropped by over 5%.
Viktor Radchenko started Wallet in 2017 to store cryptocurrencies across blockchain networks without keeping them. When Binance bought it in 2018, it was a big deal in the cryptocurrency world, though the full financials of the deal have not been made public.
The FBI recently warned Americans to avoid crypto services offered by companies that aren’t listed as Money Services Businesses (MSBs) and aren’t following anti-money laundering rules. This new development happens at the same time. It’s still unclear if Google’s decision to remove Wallet from its platform is related to this warning since other crypto wallets that don’t hold your funds are still available on Google Play.
