Crypto Trading Platform Uphold Exits Venezuela, Cites US Sanctions

Uphold, a platform offering cryptocurrency trading and digital asset debit cards, is closing its Venezuela operation due to “the increasing complexity of complying with U.S. sanctions,” the company said on Thursday.

• In a statement, the London-based company advised its customers in Venezuela to “remove funds from the platform as soon as possible.” Trading service in the country will be available until July 31, and accounts will be fully restricted as of Sept. 30.
• “After this date, the process to withdraw assets will be slower since you’ll have to go through our customer service team,” the company said.
• In 2019, the administration of President Donald Trump imposed additional sanctions on Venezuela, including a ban on transactions with U.S. citizens and companies. This May, the government of his successor, President Joe Biden, began to ease some of them.
• In February, the company appointed Simon McLoughlin as CEO to replace J.P. Thieriot, who had held the position since late 2018 after joining the firm at its inception in 2013.

Read more: Venezuela’s New Digital Bolivar Isn’t Digital, and It Won’t Solve the Country’s Economic Crisis