Key Takeaways
- Geyser rejected a Cuba Bitcoin project over US sanctions, cutting off their crowdfunding access.
- The platform cited compliance rules despite being non-custodial, acting as a financial gatekeeper.
- Organizers noted their wallets were registered abroad, accusing Geyser of betraying Bitcoin’s ethos.
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.
While Geyser works as a crowdfunding platform, it does not hold bitcoin in custody and allows beneficiaries and donors to control their funds at all times. Even so, the project does list Cuba, Syria, North Korea, Iran, Russia, and East Ukraine as sanctioned countries, and Palestine, Israel, and Yemen as high-risk countries where the service is not available.
Nonetheless, Forte11, part of the Bitcoin Cuba collective, highlighted that these sanctions would not apply to their initiative, as the infrastructure, wallet, and project were registered outside Cuba, accusing Geyser of taking the easy route.
“If the real reason is that the project serves Cubans, just say so. Don’t hide it behind a vague wallet-sanctions explanation. Bitcoin is supposed to make financial access more resilient, not reproduce every financial gatekeeper of the traditional system,” he concluded.
