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2020-09-16

The P2P company leaves Venezuela

Due to regulations and sanctions related to the U.S. Office of Foreign Assets Control (OFAC), Paxful announced that it will no longer provide services in Venezuela, as announced on September 14.

Paxful's CEO, Ray Youssef, said he had been trying to find a way to keep his business in Venezuela for several months, but "at the current risk, we had no choice but to make this extremely difficult decision". 

The latest data published by Chainalysis showed that in 2020 Ukraine was on top of the Global Crypto Adoption Index, followed by Russia and Venezuela. 

Chainalysis described Venezuela in the report as a "perfect example" of the forces that drive the adoption of the crypto currency in emerging countries, highlighting its use among ordinary Venezuelans as a way to mitigate economic instability.

While several users expressed their sadness that the company is leaving Venezuela, others remain optimistic, saying that the latest announcement is "sad news, but no one will stop this digital revolution.