Cryptocurrency Trading Platform Confirms Leaving Venezuela, Citing U.S. Sanctions

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Cryptocurrency Trading Platform Confirms Leaving Venezuela, Citing U.S. Sanctions

Cryptocurrency Trading Platform Confirms Leaving Venezuela, Citing U.S. Sanctions
Uphold said it's withdrawing from Venezuela because of the complexity of dealing with U.S. sanctions. (Wesley Tingey/Unsplash, modified by Speaking of Bitcoin)
Source: CoinDesk
1655994726 23 Jun / 14:32

Uphold, a platform that provides cryptocurrency trading, and digital asset debit cards, is terminating its Venezuela operation owing to "the increasing complexity of complying with U.S. sanctions," the firm announced Thursday.

In a statement, the London-based business recommended its Venezuelan clients "remove funds from the platform as soon as possible." The country's trading facility will be open until July 31, and all accounts will be closed by September 30.

“After this date, the process to withdraw assets will be slower since you’ll have to go through our customer service team,” the business explained.

The government of President Donald Trump placed more sanctions on Venezuela in 2019, including a prohibition on dealings with U.S. individuals and businesses. In May this year, President Joe Biden’s administration began to loosen some of them.

Simon McLoughlin was named CEO in February to succeed J.P. Thieriot, who had held the job since late 2018 after joining the business at its creation in 2013.

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