West Columbia, South Carolina.- UpHold announces that it will eliminate Venezuela user accounts claiming that they cannot operate due to sanctions.
Venezuelan users of the UpHold platform have woken up today receiving a statement from the UpHold company, better known for its Wallet for cryptocurrency exchange, a platform that until now has been understood as independent of the central banks of governments but at It seems that this is not the case in this case, since the UpHold statement says in a generic way that due to the “complexity of the sanctions imposed by the US” they must cease to operate in Venezuela or give access to Venezuelan users who must withdraw their money with a term indicated in the text.
Jurisdiction of the FED and OFAC, and Exceptions to the rule.
This company apparently is based in the United States according to the footer of the statement that has reached users, so it must be governed by the legal regulations of that country, in any case there are exceptions that many other companies they have used to avoid losing the Venezuelan market.
Without understanding the context of sanctions, unilateral decisions.
In this context, we have seen how services similar to UpHold continue to operate calmly and without problems, so the company’s position is not understood, nor is the short term they have given to Venezuelan users (of which there are many) to withdraw your money.
The rebound of Venezuelan Commerce through Cryptocurrency Exchange Apps.
The electronic payment alternatives in Venezuela have had a rebound in recent years, after the exchange control was eliminated, something that everyone saw as positive for the improvement of the quality of life of the Venezuelan, the decriminalization of operations with foreign currencies, although Subsequently, the use of the same to make payments has been charged with additional taxes.
The sanctions alleged by UpHold
Venezuela is a country hit by economic sanctions that at one point were applied to individuals but then went on to be applied without reason to the bulk of the population who are not to blame for the allegations of the United States government but suffer from their effects. .
In this case that concerns us today, thousands of Venezuelans, perhaps tens of thousands, only the operator knows that, both small merchants and individuals use the Wallet UpHold to carry out operations on a daily basis, not only for the payment of products and services but also for cryptocurrency trading or simply exchanging them for which they will soon be prevented and will have to withdraw their money abruptly paying high commissions for the withdrawal to another service provider that does understand how to operate with US sanctions since exceptions exist Therefore, according to the users consulted, the cessation of operations of this company for users in Venezuela is not understood, not the cessation of operations in Venezuela because they do not have physical headquarters in the country.