Crypto wallet Abra restricting US services due to regulatory uncertainty

Wallets • July 26, 2019, 2:07AM EDT

UPDATED: July 26, 2019, 2:10AM EDT

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 is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.