Binance Crypto Platform Blocked by Venezuela, What’s Going On?

Todaysgist, News – Venezuelan government censorship has reached the cryptocurrency sector. According to local media, Venezuelan telecommunications and internet service provider (ISP) CANTV has blocked access to Binance, the world’s largest cryptocurrency exchange.

The move, which could potentially affect thousands of people who invest in crypto on Binance’s platform, comes as part of a series of blockades against other services, with similar actions being taken against social media platforms like Reddit and X.

The situation was acknowledged by Binance, which stated in an email sent to its customers in Venezuela. Binance revealed that several company websites from various segments in Venezuela, including social networks, Binance pages have faced access restrictions.

Binance said its team is monitoring the situation to address it quickly and effectively. However, Binance did not indicate whether it would allow Venezuelans to use virtual private networks (VPNs) to circumvent the issue without reporting it.

“We want to assure you that your funds are safe under our robust security protocols,” Binance said in a statement, quoted from Bitcoin.com, Tuesday (8/13/2024).

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The move could potentially leave all CANTV customers without access to the peer-to-peer market, given how Binance handles these connections.

While there are no official reports showing trading volumes, Binance is arguably the most popular crypto-based peer-to-peer (P2P) exchange in Venezuela. There has been no announcement from the Venezuelan government acknowledging the action, or when the situation might be resolved.

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