Crypto Platform Uphold Leaves Venezuela due to US Blockade

On Thursday, June 23, the cryptocurrency platform Uphold announced its withdrawal from Venezuela. The company, which offers financial services and cryptocurrencies, requested users in the country to withdraw their funds before July 31.

“We are very sorry to inform you that Uphold has decided to withdraw from Venezuela due to the increasing complexity of complying with US sanctions,” the company announced in a statement published by CriptoNoticias.

The company noted that Venezuela was one of the early adopters of Uphold, and that the group loved serving its Venezuelan clients. The withdrawal is an unfortunate process for the service provider; however, it will return “as soon as changes allow” in the politics of the United States.

El sitio web de trading de criptomonedas y otros activos Uphold @UpholdInc @UpholdEspanol se retira de Venezuela. Informan que son una empresa con sede en Estados Unidos y que la "complejidad cada vez mayor de las sanciones de Estados Unidos" contra Venezuela los ha afectado. pic.twitter.com/vz0H08F459

— Luigino Bracci Roa #ArreglenElMetro (@lubrio) June 23, 2022

“Our top priority now is to help all of our Venezuelan customers to quickly withdraw their money in accordance with US law,” the company said.

The statement warned that the ability to trade will stop on July 31 and all accounts will be completely restricted from September 30. After this date, the asset withdrawal process will be very slow as users will need to go through Uphold’s customer support team.

This has been another example of the negative impact of the unilateral sanctions of the US on the Venezuelan people. Although the US government has “authorized” a few European oil companies to restart trade with Venezuela, the blockade remains in place.

(Misión Verdad)

Translation: Orinoco Tribune

OT/EF/SC