Fun

Cryptocurrency Exchange Uphold Leaves Venezuela Due to US Sanctions

News Feed - 2022-06-25 06:06:49

Cryptocurrency Exchange Uphold Leaves Venezuela Due to US Sanctions


Uphold, a New York-based cryptocurrency exchange, has announced it is closing its operations in Venezuelan markets. The company, which has already had problems with users in the country in the past — shutting down accounts and requiring KYC controls that some users deemed excessive — declares that the exit from Venezuela has to do with the “complexity of complying with U.S. sanctions.” Uphold Abandons Venezuelan Markets


Uphold, a New York-headquartered cryptocurrency exchange and stock trading platform, has announced that it will no longer serve customers registered in Venezuela. The company, which serves more than 184 countries according to its own data, argues that the current situation between Venezuela and the U.S is the cause of this decision.


In an email sent to Venezuelan customers of the exchange, Uphold declared:


We´re very sorry to tell you that Uphold has decided to withdraw from Venezuela owing to the increasing complexity of complying with U.S. sanctions. Venezuela was one of the first countries to embrace Uphold and we love serving our customers there. We are taking this step very reluctantly.


However, the company also stated that it hopes to return to Venezuelan markets as soon as the conditions allow it. The company is not allowing new users from Venezuela to open accounts, and has prompted Venezuelan users to withdraw their funds before July 31 via bank accounts linked to their Uphold accounts, or via cryptocurrency transactions. Also, accounts with a zero balance will be automatically closed by the exchange. Woes in Venezuela


This is not the first time that the exchange is reported to have difficulties and problems operating in Venezuela. Back in 2019, some Venezuelan users reported having lost access to their accounts and being subject to unreasonable requests for data regarding their transactions on the platform, according to an Instagram group of users. Also, some users reported having their accounts closed without further explanation.


Now, some users that have taken Uphold’s word and are trying to withdraw their funds are complaining on social media platforms about their accounts being in a “routine revision” state. It is unclear if this is a measure applied to all Venezuelans on the platform or just to some due to unannounced details.


Other services and wallets have also targeted Venezuelans due to sanctions. Infura, one of the companies providing endpoint connections for Metamask, a popular Web3 wallet, left Venezuelan users without access to the wallet due to a misconfiguration originating from U.S. sanction directives in March. Tags in this story Reports, restrictions, Uphold, US sanctions, Venezuela


What do you think about Uphold leaving Venezuelan markets? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. New Philippines Central Bank Governor: Crypto Investors Are Adherents of the Greater Fool Theory EMERGING MARKETS | 3 days ago Study: 7.6 Million South Africans Are Crypto Investors, Social Media Main Source of Crypto-Related Information EMERGING MARKETS | Jun 17, 2022


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSHIB’s Shibarium Public Beta Is Planned for Deployment in Q3 Next articleSingapore Based Crypto Exchange Bybit Expands to Argentina Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

While Markets Move Sideways, Crypto Whale Sightings Increase
While Markets Move Sideways, Crypto Whale Sightings Increase While cryptocurrency markets have been moving sideways during the last few weeks, digital currency proponents have be
Amaka Nwaokocha11 hours agoHuobi’s Jun Du acquires 10 million CRV tokens to support CurveDu said the existing challenges were transitory and that he believes the industry would benefit from collective support.1072 Tota
Amaka Nwaokocha1 hour agoBinance, CZ challenge CFTC lawsuit, seek dismissalBinance said that the CFTC is attempting to regulate foreign individuals and corporations operating outside the United States, going beyond the l
Helen Partz11 hours agoMicroStrategy buys $147M worth of Bitcoin, now holds 158K BTCMicroStrategy bought the latest Bitcoin stash at an average price of $27,053 per coin, or 9% lower than the average purchase price of it
Zhiyuan Sun3 hours agoZero-knowledge tech development heats up amid bear marketThe intersection of ZK proofs and multichain bridges has become one of the industry"s more intriguing development.385 Total views13 Total sha
Dutch regulator warns of crypto pump-and-dump risks ahead of MiCA
Josh O"Sullivan14 hours agoDutch regulator warns of crypto pump-and-dump risks ahead of MiCAThe Dutch AFM issued warnings about crypto market manipulation, focusing on pump-and-dump schemes ahead of MiCA’s implementati
Italian Parliament Approves 26% Tax for Cryptocurrency Gains in 2023 Budget Law
Italian Parliament Approves 26% Tax for Cryptocurrency Gains in 2023 Budget Law The Italian Parliament has introduced a 26% capital tax on cryptocurrency gains as part of the 2023
Indian Central Bank Chief Insists Crypto Should Be Banned — Warns ‘It Will Undermine Authority of RBI’
Indian Central Bank Chief Insists Crypto Should Be Banned — Warns "It Will Undermine Authority of RBI" India’s central bank has reiterated its stance on banning cryptocurre
Lowering developer friction is key for mass-scaling blockchain applications — Polygon co-founder
Zoltan Vardai10 hours agoLowering developer friction is key for mass-scaling blockchain applications — Polygon co-founderBuilding developer-centric scaling solutions is key for the next “breakout” blockchain app, P
Declare the Side Hustle — Americans Are Concerned About the 1099-K Tax Rule for Payments Over $600
Declare the Side Hustle — Americans Are Concerned About the 1099-K Tax Rule for Payments Over $600 Americans are worried about a new tax reporting requirement that will force app
Gumi Cryptos Reveals $110 Million Fund Targeting Early-Stage Blockchain Startups
Gumi Cryptos Reveals $110 Million Fund Targeting Early-Stage Blockchain Startups On March 30, Gumi Cryptos Capital (GCC), announced the blockchain-focused venture capital firm
More Than 7,000 Ordinals Inscriptions Have Already Been Included on the Bitcoin Blockchain
More Than 7,000 Ordinals Inscriptions Have Already Been Included on the Bitcoin Blockchain Ordinals inscriptions, viewed as a kind of Bitcoin-native NFTs, are picking up steam amon