Due to the regulations and sanctions related to the U.S. Office of Foreign Assets Control, or OFAC, Paxful announced that they will no longer provide services in Venezuela, according to an announcement on September 14.
In a statement sent to Cointelegraph, Paxful’s CEO, Ray Youssef, commented that they’ve tried for several months to find a way to maintain their operations in Venezuela, but “with current risks, we had no choice but to make this incredibly difficult decision.”
Ray also told Cointelegraph how the wind down of his company’s services will work:
“The roll-out of our impending closure in Venezuela will begin with restricting new account creation in the country and the closure of any existing accounts. Current users will have 30 days to withdraw their funds without fees and will be notified directly via email on how to do so.”
Recent data published by Chainalysis showed that Ukraine topped the Global Crypto Adoption Index in 2020, followed