Uphold is abandoning the Venezuelan market an area or arena, online or offline, in which commercial dealings are conducted. due to “difficulty in complying with economic sanctions”. The crypto-platform recommended users to withdraw their money.
- Uphold will cease providing services in Venezuela.
- Users have until July 31 to withdraw their cryptocurrencies.
- It is not the only one to withdraw citing economic sanctions.
Uphold the UK-based digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. trading platform, is shutting down its operations in Venezuela in the face of economic sanctions imposed by the United States.
The company reported esta semana a sus clientes en Venezuela que dejará de prestar servicios en el país suramericano citando “ the increasing complexity of U.S. sanctions enforcement “. In a notice posted Thursday on its website, Uphold said he regretted his departure and advised clients ” withdraw your funds from the platform a place to buy, sell and store cryptocurrency as soon as possible ” .
“ We are taking this step very reluctantly “The platform said, highlighting its interest in helping its Venezuelan customers to exchange or withdraw money from their accounts before the cessation of operations.
The cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. trading services for users in that country will be enabled until 31 July The deadline for users to withdraw their cryptocurrencies deposited on the platform. Then, “ all accounts will be fully restricted as of September 30. “ the company added.
While Uphold clarified that it is closing its operations in that country, did not completely rule out the possibility that users can make withdrawals after the scheduled date, although it indicated that this process would be slower “. as you will have to go through our customer service team. “.
Nor did they assure that the measure is definitive, since they expressed their intentions to return to Venezuela. as soon as changes in U.S. policy allow. “.
Uphold abandona Venezuela
The news comes three years after Donald Trump’s administration imposed a series of additional economic sanctions on Venezuela, including a ban on transactions with U.S. citizens and companies. More recently, in May, successor President Joe Biden has begun to loosen some of those policies, as he notes CoinDesk .
In 2019, shortly after the intensification of sanctions, some Venezuelan users of Uphold experienced access difficulties and unjustified account an account is essentially a whose purpose is to track the financial activities of a specific asset/ closures. However, at that time, the then CEO of the platform, Juan Pablo Thieriot, ruled out in interview with Decrypt the possibility that the closures were linked to US policy.
Instead, he said the closures were due to a variety of reasons and claimed that Uphold “ is fully committed to complying with the laws that apply in each of the jurisdictions in which it operates. ”.
According to some reports, a group of users in Venezuela experienced difficulties accessing their accounts again this year, shortly before the official announcement of the cessation of operations.
One less option a contract giving the buyer the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price. for Venezuelans
The output of Uphold of the Venezuelan market further reduces the existing options for cryptocurrency traders in that country.
In 2020, the exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. peer-to-peer (P2P) of digital assets, Paxful, had already announced the closure of operations because of “ concerns about the regulatory landscape “. Other centralized a centralized organizational structure is one in which a single node or a small number of them are in control of an entire network. digital payment platforms, such as Cell , Neteller y Skrill have also stopped providing services to users in Venezuela citing economic sanctions.
It should be noted that people in the country still enjoy some other options for trading cryptocurrencies, including the popular P2P the decentralized interactions between parties in a distributed network, partitioning tasks or workloads between peers. platform, Localbitcoins your similar Localcryptos as well as the P2P marketplace of Binance .
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Article by Hannah Estefania Perez / DiarioBitcoin
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