Cryptocurrency Platform Uphold Leaves Venezuela Due to US Sanctions

Uphold, a platform that offers cryptocurrency trading and digital asset debit cards, has announced that it is ending its operations in Venezuela.

According to the announcement released on Thursday (23), the departure from the country is due to the difficulties of complying with the sanctions imposed by the United States on the country:

“We are very sorry to inform you that Uphold has decided to withdraw from Venezuela due to the increasing complexity of complying with US sanctions,” Uphold said in a statement.

Uphold leaves Venezuela

Also in the statement, the London-based company advised its clients in Venezuela to “remove funds from the platform as soon as possible”.

The company informed that the trading service in the country will only be available until the 31st of July. Then the accounts will be fully deactivated from the 30th of September.

“After this date, the asset withdrawal process will be slower. That’s because you’ll have to go through our customer service team,” the company said.

They also indicated that as of June 23, they will no longer accept deposits from Venezuelan residents and will close all accounts with a zero balance.

To remove assets, users must convert any funds into a Tier 1 asset (USD, GBP, EUR). They can then withdraw to an existing bank account or to a Tier 3 asset to withdraw to an external cryptocurrency wallet.

Exit reluctantly

The company also highlighted that Venezuela was one of the first countries to adopt Uphold and that it loves operating in the country. For this reason, the company said it is withdrawing from the country “very reluctantly”.

In addition, the company stated that it hopes to return to Venezuela as soon as changes in US policy allow.

“Our top priority now is to help all our Venezuelan customers quickly withdraw their money in accordance with US law,” Uphold said.

US sanctions on Venezuela

In 2019, the administration of then US President Donald Trump imposed new economic sanctions on Venezuela. Among other things, the US has included, for example, a ban on transactions with US citizens and companies.

In May of this year, the administration of his successor, current President Joe Biden, began to ease some of the sanctions imposed.

However, it appears that the relief is not enough for Uphold to maintain its operations in the country.

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