Last week it was news in Venezuela that Uphold will announce the withdrawal of its services from the country due to US sanctions, for this reason The Cointelegraph en Español team contacted Uphold in order to obtain more details about the decision made.
First, the cancellation of the company’s services in Venezuela occurs at a time when relations with the USA have calmed down a bit due to the relaxation of the sanctions, the Uphold spokesperson was asked why the company made this decision in this context and has told us the following:
“The recent measures dictated by the Office of Foreign Assets Control (“OFAC”) under the United States Department of the Treasury have accentuated the complexity and difficulty of complying with the sanctions on Venezuela. This has unfortunately left us no choice but to suspend our operations in Venezuela.”
Likewise, he explained that a recent OFAC statement would have made it clear that such sanctions could fall on lower-ranking employees who work in a state-owned or state-controlled company. “It is difficult to guarantee that Uphold can provide services to its users in Venezuela with the confidence that they are not working in any capacity for a state institution or under state control. Without such trust, we have unfortunately been forced to suspend our operations.”, he explained.
On the other hand, the Uphold spokesperson pointed to Venezuela as one of the first countries to welcome Uphold, and with which they have also been able to count on a network of active and loyal users. Likewise, despite the fact that at the moment he sees it as very difficult for him to return to Venezuela while things were not clear, the Uphold spokesperson stressed that in 2021, Venezuela was among the top countries globally in peer-to-peer transactions with cryptocurrenciesand that from Uphold they always appreciated the trust that Venezuelans always placed in their services.
Finally, he commented that the main objective of the company for now was to provide support to each Venezuelan user so that they can make their money efficiently and in compliance with US laws, Let’s remember that the statement that Uphold shared with Venezuelan users mentioned July 31 as the deadline to withdraw the money.. “Users can withdraw their funds directly to a registered bank account or a private wallet, as in any procedure of this type”said.
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