Crypto Trading Platform Uphold Exits Venezuela, Cites US Sanctions

Trading service in the country will be available until July 31, and accounts will be fully restricted as of Sept. 30.

AccessTimeIconJun 23, 2022 at 2:32 p.m. UTC
Updated May 11, 2023 at 6:53 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Andrés Engler

Andrés Engler was a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.