Crypto trading platform Uphold has said it will stop supporting users in Venezuela due to sanctions imposed by the US government.
In Thursday’s Uphold announcement said “Due to the increasing difficulty of complying with US sanctions,” the platform will be “very reluctant” to leave Venezuela. The platform has advised users to withdraw their funds as soon as possible, noting that it will stop trading for Venezuelan clients on July 31st and all accounts will be “completely restricted” starting September 30th.
“As a U.S. financial institution, Uphold must comply with U.S. sanctions programs administered by the U.S. Office of Foreign Assets Control (OFAC), including against the Venezuelan government, state-owned enterprises, and their employees,” the platform said. “Without changing applicable law or special permission from OFAC, these rules may prevent us from disbursing funds to a small number of our clients in Venezuela.”
#Registered pills LAST HOUR
— Cryptolawyer.eth (@cryptolawyer) June 23, 2022
Many of the sanctions currently imposed by the US government against entities based in Venezuela came into effect in August 2019, when the previous administration banned transactions with US citizens and companies and also ordered a freeze on all Venezuelan government assets in the US. In May, President Joe Biden eased some of the sanctions, focusing on restrictions on US oil companies, including Chevron.
Venezuelans reportedly hurt by new tax on bitcoin up to 20%
Prior to many of these economic measures, it has been reported that the Venezuelan government may have used cryptocurrencies such as Bitcoin (BTC) to evade sanctions under certain circumstances. In 2021, the country was also one of the biggest leaders in peer-to-peer transactions in cryptocurrencies, according to analytics firm Chainalysis.
Credit : cointelegraph.com