First of all, let me introduce Xapo. It is basically a Bitcoin wallet. But more Bitcoin custodians. You can send receive Bitcoin and even traditional currencies. Xapo is one of the earliest digital banking services.
However, this app is going to restrict its service to U.S based customers. They mentioned this statement in a blog post. Following, from March 1, all Xapo accounts in the United States customers will be closed.
And here’s why.
They claimed further, Due to a change in global business strategy. As a response, they will stop their service to the U.S.
Since Xapo has an option to transfer traditional currencies between banks, I think U.S customers won’t be happy with this situation. This could not be considered as a huge problem if it only has options with Bitcoin.
So if you’re a U.S based Xapo user, you have to move your funds to external addresses. The company mentioned in a mail.
“Xapo, one of the earliest bitcoin custodians, is ending its service to U.S. customers as of March 1, according to a customer email dated Dec. 30 obtained by CoinDesk.”