Geyser Rejects Cuba Bitcoin Initiative Over US Sanction Compliance

Geyser Rejects Cuba Bitcoin Initiative Under Sanctions Allegations

A community of Cuban bitcoiners is being affected by the constraints that U.S. companies face when providing financial services to residents, which have even made credit giants halt operations on the island.

A project presented by Cuba Bitcoin, a community of bitcoiners that fosters crypto adoption and provides infrastructure to Cubans, was rejected by Geyser, a popular crowdfunding platform that allows bitcoiners to present bitcoin-linked initiatives to access international funding, amid sanctions allegations.

Geyser cited “wallet sanction check failed” as the reason for this rejection.

Cuba Bitcoin lamented this development, declaring that a new crowdfunding platform that reflects Bitcoin values was needed. “If we’re serious about building infrastructure for Bitcoin communities, it must be permissionless, censorship-resistant and resilient,” it posted on X.

Michele Morucci, CEO and co-founder of U.S.-based Geyser, acknowledged that while the company was “founded on the Bitcoin ethos and the principle of bringing access to capital worldwide, “ it could not escape regulatory compliance, even as the Cuban government executes reforms to open the Cuban economy.