Crypto wallet Abra restricting US services due to regulatory uncertainty

Wallets • July 26, 2019, 2:07AM EDT
UPDATED: July 26, 2019, 2:10AM EDT
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Cryptocurrency wallet provider Abra has announced some major changes for its U.S. users due to “continued" regulatory uncertainty in the country. All cryptocurrencies other than bitcoin (BTC), ether (ETH), litecoin (LTC) and bitcoin cash (BCH) will be migrated to a native hosted wallet solution.

With the changes, U.S. users will now no longer be eligible to hold QTUM, bitcoin gold (BTG), EOS, OmiseGO (OMG), Status (SNT) tokens after Aug. 29. Those customers who are holding any positions in these assets will have to exchange or withdraw their investments before the date. Any remaining balances after Aug. 29 will be converted to bitcoin automatically.

Moreover, New York residents will no longer be able to use bank Automated Clearing House (ACH), wire or American express card for deposits and withdrawals after Aug. 29, per the announcement.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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