Abra wallet forced to revise its services for US clients

Posted 29 July, 2019

California-based crypto custody company – Abra – announced plans to put restrain its services that are available for the US residents. The company posted a notice on its website on July 26.

According to the statement, Abra will revise and change its services facing non-stop pressure from the US regulatory authorities.

The company wrote:

"As a result of continued regulatory uncertainty and restrictions in the United States, we have to make some adjustments to our US business in an effort to continue to be compliant and cooperative with US regulations as they currently exist. "

Abra's management explained that the US-based clients will face certain changes in the system for smart contracts based synthetic assets. It was stated that the mentioned assets will include all cryptos except for Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

After the modification, the solution for keeping  EOS, QTUM, Bitcoin Gold, OmiseGO and Status will be no longer available for the USA after August 29. At the same time, the company also warned that the users that have some positions in these assets should either exchange or withdraw funds before the stated data August 29.

"After August 29, 2019, New York residents will only be able to hold Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) on Abra," the notice reads.

The company believes there will be no problems with migration for US users.

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