Uphold to Pull Out of Venezuela

The crypto trading platform Uphold прекратит support for users in Venezuela due to the difficulty of complying with the U.S. sanctions.

“Venezuela was one of the first countries to adopt Uphold, and we enjoy serving our customers there. We are taking this step with great reluctance,” the company said.

From 31 July, the company will close trading access for customers in the Latin American country. Starting 30 September, user accounts will be “fully restricted.” Until that date, they will need to withdraw their funds.

“As a U.S. financial institution, Uphold must comply with sanction programs administered by the Office of Foreign Assets Control (OFAC), including those against the government of Venezuela, state-owned enterprises and their employees,” the company said.

For a look at how the population is surviving in a country that has been under international economic isolation since 2005, see ForkLog’s feature:

Back in 2021, Uphold joined Mastercard’s Start Path accelerator program.

Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analysis.