Financial services and cryptocurrency platform Uphold announced on June 23 that it is withdrawing from Venezuela and is asking users in the country to withdraw their funds.
“We regret to inform you that Uphold has decided to withdraw from Venezuela due to the increasing complexity of complying with US sanctions,” they said from the company in a statement sent to CriptoNoticias.
The company highlighted that Venezuela was one of the first countries to adopt Uphold and that they love serving their customers there. For this reason, they assert that they are taking this step “unintentionally” and We expect to return as soon as US policy changes allow.
Venezuelans must withdraw their money from Uphold before July 31
Uphold estimates that “our top priority now is to help all of our Venezuelan customers withdraw their funds quickly in accordance with US law.”
They warn that the ability to trade will cease on July 31 and all accounts will be completely restricted from September 30. After this date, the asset withdrawal process will be slower as you will need to go through our customer support team.
For this, Requiring Venezuelans with an Uphold balance to withdraw their money before July 31. In order to opt out, you may be asked to answer some questions in accordance with US regulations.
Therefore, they made it clear to Venezuelan users that they could convert their funds into a Tier 1 asset (in USD, GBP or EUR). This way, they will be able to withdraw through an existing linked bank account or to a Tier 3 asset if they wish. pull one Pocket wallet external from Cryptocurrency.
They also indicate that from June 23 they will not accept deposits from Venezuelan residents and will close all accounts with zero balance.