Cryptocurrency wallet service provider, Abra will be making a sharp adjustment to its services in the United States, following the regulatory uncertainty and restrictions in the country.
A blog post on Thursday indicates that Abra users in the U.S will see new system modifications around smart contract-based synthetic assets.
As a part of this effort, the firm said it would be migrating synthetic assets to a native hosted wallet solution. On the exchange, these refer to anything other than Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC).
These changes to Abra’s service within the US is part of an effort by the firm to keep compliant and cooperative with the current United States regulations regarding crypto-related business.
Cryptocurrencies have been facing intense interest and scrutiny in the hands of the US government and regulators, including negative tweets from President Donald Trump.
Users in the US can still manage and transact with most of their assets from the Abra app without interruption. However, during the migration, some assets may be unavailable for exchange, sending, and withdrawal for a few minutes.
Unfortunately, U.S. users will no longer be eligible to hold QTUM, BTG, EOS, OMG, SNT after August 29, 2019, the report reads. Hence, they are urged to exchange or withdraw their investments from Abra by 11:59 PM EST on August 29, 2019.
After the deadline, any balance in those assets will automatically be converted to Bitcoin in the Abra app.
On the same date, the New York residents will only be able to hold Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) on Abra. They will no longer be able to use bank ACH, wire or American express card for deposit/withdraw after August 29, 2019.
Meanwhile, Abra recently announced that their customers can now conveniently purchase and withdraw digital currencies through “thousands” of banks; funding their wallets by direct bank transfers.
The firm further confirmed that international users would not be impacted by the recent changes.