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Uphold Leaves Venezuela and Asks Users to Withdraw Their Funds

  • The cryptocurrency, stock, and metals platform with a global presence said it hoped to return to the South American country when the US sanctions policy changes.
  • Users have until the end of July to convert and withdraw their cryptocurrency funds from the platform.

American financial services and cryptocurrency trading platform Uphold announced on Thursday its exit from Venezuela, asking users to withdraw all their funds by July 31.

The company, which launched in 2015 with a presence in the South American country since then, explained that it made the decision to withdraw “due to the increasing complexity of complying with US sanctions.”

“Venezuela was one of the first countries to adopt Uphold and we love serving our customers there. We are taking this step very reluctantly,” the company said in an email sent to its Venezuelan users.
“We look forward to returning to the market as soon as changes in US policy allow," the global multi-asset trading platform added. Likewise, it indicated that for now its main priority "is to help all our Venezuelan clients to withdraw their money quickly."

Uphold Will Not Accept Any More Deposits from Venezuelan Residents

The company maintains that “the exchange capacity will be left on July 31 and all accounts will be completely restricted from September 30.” Those who have not withdrawn their cryptocurrency deposits by that date should contact the customer service team and it will be a longer process.

“As of today (Thursday, June 23, 2022) we will no longer accept deposits from Venezuelan residents and we will close all accounts with an existing zero balance,” clarified the company, which has a presence in 184 countries that support up to 100 different cryptocurrencies.
It asked users who still have a balance in their accounts to withdraw their funds before the end of July. “You may need to answer a few simple questions to help us process your withdrawal in accordance with US regulations,” Uphold said.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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