Abra Restricts Americans From Holding EOS and 4 Other Altcoins

California-based crypto wallet service Abra will restrict some services for American users starting from August.

Abra will have to enforce some system modifications due to continued regulatory uncertainty in the United States, according to a blog post on July 25.

Notably, American users will no longer be able to hold a number of cryptocurrencies, including EOS.U.S. users can't hold certain altcoins.

Specifically, the platform will start migrating its smart contract-based synthetic assets to a native hosted wallet solution, adding that those assets are defined on Abra as anything other than Bitcoin, Ether, Litecoin and Bitcoin Cash.

This migration will have a direct impact on some services for U.S. users, including restriction from holding five cryptocurrencies.

Namely, Americans will not be eligible to hold EOS, QTUM, Bitcoin Gold, OmiseGO and Status after Aug. 29, 2019, said Abra.

The company added that any remaining balances in those assets after that date will be automatically converted to Bitcoin in the app.

After Aug. 29, New York residents will only be able to hold Bitcoin, Ether, Litecoin and Bitcoin Cash on Abra, the company stated.

Abra users from New York will no longer be able to use ACH transfers, as well as wire or American express for deposits and withdrawals after Aug 29th, 2019.

At the same time, the migration process is expected to be seamless for the majority of U.S. users, and will allow users to continue managing operations with no interruption.