Crypto exchange Kontigo has frozen US-bank services for its Venezuelan users, cutting off thousands of people who depend on the platform to store and move US dollars in an economy hit by hyperinflation.
The San Francisco-based company, which describes itself as “a USDC Smart Neobank for Latinos in the U.S. and Latin America”, said on X on November 21 that its United States-based bank account provider has “ordered a temporary suspension of services.”
“We are working on finding a solution for you,” Kontigo wrote to its Venezuelan customers. “Our commitment remains intact, both to you and to [Venezuela].”
The development comes as the US ramps up political and military pressure on Venezuela.
On Monday, the US State Department designated Venezuelan President Nicolás Maduro and some of his key allies as “members of a foreign terrorist organization.”
The fintech provider gave no further details about the reasons for the suspension. Nor did it say when it expects services to resume.
