Crypto trading platform Uphold will stop supporting users from Venezuela due to the difficulty of complying with US sanctions.

“Venezuela was one of the first countries to implement Uphold and we enjoy serving our customers there. We are extremely reluctant to take this step,” it said.

From July 31, the company will close the possibility of trading for customers from a Latin American country. From September 30, user accounts will be “fully restricted”. They need to withdraw money before this date.

“As a U.S. financial institution, Uphold must comply with sanctions programs administered by the Office of Foreign Assets Control (OFAC), including against the Venezuelan government, state-owned businesses and their employees,” the company said.

Read in the ForkLog article how the country’s population, which has been in international economic isolation since 2005, survived:

Recall that in 2021 Uphold’s Mastercard payment system was included in the Start Path accelerator program.

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