iHodl.com
Main page News, Venezuela, Crypto Market, Regulations, Cryptocurrency
Hot topic
Nov. 3, 2020

Xapo, a Hong Kong-based cryptocurrency custodian, has reportedly ceased all operations in Venezuela. According to several reports on Twitter, the Coinbase-backed crypto custodian is not only blocking all transactions related to Venezuela, but also closes related accounts.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

In an email statement, Xapo says it will no longer service Venezuela as the company soon will be launching a regulated digital banking platform.

Earlier, Xapo announced expansion of its services to create a new digital banking that will enable the platform's users to manage their funds across all facets of their financial lives.

Venezuela to Launch Decentralized Stock Exchange

However, the company did not notify its users that during the process of reorganization some of them might face problems with access due to sanction regime.

At press time, Xapo has not made any official announcement on the matter.

Meanwhile, the crypto custodian is not the only one on the market that had to cease its services due to political issues. In June, popular peer-to-peer bitcoin (EXANTE: Bitcoin) marketplace Paxful also restricted access to its services for clients from Venezuela.

The company admitted that the limitations are related to sanctions imposed by the United States on Venezuela.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Strawberry Cake Media Corp. © 2024 Cookie Policy Editorial team Archive

ihodl.com is an illustrated edition about cryptocurrencies and financial markets.
Every day we publish the best materials for everyone interested in economy.