Crypto trading platform Uphold is leaving Venezuela

Uphold, a crypto trading platform, withdraws from the Venezuelan market due to the complexity of complying with US sanctions

The Uphold platform reported, through a statement, its decision to withdraw from the Venezuelan market due to the complexity of complying with the sanctions established by the United States and asked its clients to withdraw funds from its platform as quickly as possible.

According to what was expressed in the statement, the platform will not accept more deposits from people residing in Venezuela and will close all accounts that have a zero balance.

The statement states the following: “We are very sorry to inform you that Uphold has decided to withdraw from Venezuela due to the increasing complexity of complying with United States sanctions. Venezuela was one of the first countries to welcome Uphold, and we love serving our customers.”

Venezuelans must withdraw funds by the end of July

The London-based company advised its clients in Venezuela to withdraw their capital from the platform as quickly as possible. The trading service will be offered until July 31 and from September 30 the accounts will be totally restricted.

As expressed by the company, it is important to speed up the withdrawal of funds by Venezuelan clients since after September 30 the process will be slower because it must go through the company’s customer service team for approval.

At the time of withdrawing the funds, the company may request that the client answer a questionnaire that will allow the withdrawal to be managed in accordance with the regulations established by the United States.

In order to withdraw the funds, clients must convert the balance into a “level 1 asset (USD, GBP, EUR) to withdraw them through an existing bank account linked to their name, or into a level 3 asset to withdraw them to an external crypto wallet explained the company in its statement.

M. Rodríguez

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