Uphold is a New York-based crypto exchange. It has now announced that it will be closing down its Venezuelan operations. 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.”
Venezuelan Markets Must Be Saved
Uphold, an Uphold-based cryptocurrency exchange and stock trading platform headquartered in New York, announced it would no longer be serving customers located in Venezuela. This decision was made by Uphold, which according to their own data serves more than 184 countries.
Uphold, in an email addressed to Venezuelan clients of the exchange stated:
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 the first country to accept Uphold, and we enjoy serving our customers there. This is a difficult step that we are reluctant to take.
The company stated however that they hope to be able to return to Venezuelan markets once the circumstances allow. Venezuelan users are not permitted to open accounts. They can also withdraw funds from their accounts via bitcoin transactions or bank accounts linked with their Uphold accounts. Exchange will automatically close any accounts that are empty.
Woes in Venezuela
The exchange has been reported having difficulties in Venezuela for the past few years. An Instagram group reported that some users from Venezuela lost their access and were subject to unreasonable requests regarding data related to transactions made on the platform in 2019. Some users also reported that their accounts were closed and not explained to them.
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. This is not clear if it is an application to all Venezuelans using the platform, or just to certain people due to unknown details.
Due to the sanctions, other services and wallets also target Venezuelans. Infura is one of several companies that provide endpoint connections to Metamask. The popular Web3 wallet has been shut down by Venezuelan users due to an error in configuration resulting from U.S. Sanction Directives.
How do you feel about Uphold exiting Venezuelan markets Leave your thoughts in the comment section below.
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