U.S. sanctions have forced crypto exchange support to close Venezuela —This time officially..
With that website update Help CenterThe UK-based exchange said it has stopped supporting Venezuela because “the complexity of complying with US sanctions is increasing.”
“We are very reluctant to take this step,” the company said in a statement, adding that Venezuelan users need to withdraw funds as soon as possible.Users by July 31st Bitcoin And other crypto assets from your account wallet After September 30th, your account will be completely restricted.
Proponents said in an email to users that they would return to Venezuela “as soon as US policy changes allow.”
US sanctions on Venezuela Even though the country boasts one of the highest cryptocurrency adoption rates in the world, it is a significant barrier to the emergence of the country’s cryptocurrency business. Back in 2020, peer to peer Cryptocurrency exchange Paxful has made a similar decision to leave the country.
“We are disappointed that Paxful will stop operating in Venezuela due to regulatory conditions around Venezuela and concerns about Paxful’s own risk tolerance,” the platform said in a statement shared with Decrypt at the time.
Venezuelans react to uphold departures
As expected, the decision is already Spark reaction From Venezuelans. Anibal Garrido, a Venezuelan crypto advisor who has used Uphold as a “fast, safe and comfortable” exchange, regrets that Uphold was forced to leave Venezuela for political reasons. Said.
“It’s an unfortunate move to highlight that reliance on centralized systems has its consequences,” he told Decrypt. “I invite users to think about the importance of self-management of crypto assets.”
This decision puts an end to the uncertainty faced by Venezuelan users in several waves of sudden account closures by the company. 2019, Decryption Reported by several Venezuelan users The account was blocked even after responding to the company’s special additional request KYC Details (knowing the customer). Venezuelans suspected that the closure of the account was the result of additional sanctions recently imposed by the United States.
at the time, Decryption When asked by Uphold CEO Juan Pablo Thieriot whether U.S. sanctions are affecting the ability of businesses to do business in Venezuela, “Uphold is committed to complying with the laws applicable to each jurisdiction in which it operates. We are doing our best. “
With the departure of Uphold, Venezuelans lose another option to exchange cryptocurrencies and receive remittances. However, there are still safe alternatives as well.
The best known is Peer-to-peer exchange platform LocalBitcoinsBinance’s peer-to-peer market, decentralized exchanges such as Uniswap, state-owned platforms Patria and PetroApp, and cryptocurrency exchanges legally permitted to operate domestically by the government.
Meanwhile, Venezuela continues to be a major Latin American country in terms of peer-to-peer Bitcoin transactions, with more than $ 4.7 million exchanged so far this week. Convenient tulips..
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