Venezuela Restricts Binance Access Amidst Post-Election Conflict

Binance Venezuela

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

August 11, 2024

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Venezuela recently blocked access to crypto exchange Binance and other online platforms amid nationwide protests over the country’s disputed election results. This block was implemented on Aug. 9, according to cybersecurity group VE Sin Filtro.

It comes as protesters have taken to the streets in Venezuela over the disputed presidential election. Last week, incumbent President Nicolás Maduro claimed victory with 51% of the vote. His opponent, Edmundo González Urrutia, received 44%.

Maduro Faces Global Scrutiny as Venezuela’s Election Sparks Political Crisis

In response, the opposition accused Maduro with election fraud, creating a dangerous political crisis in Venezuela. Since then, leaders from neighboring countries and around the world have questioned how legitimate the results are. Also, they are demanding that Maduro provide evidence for his victory.

Now, the Venezuelan government has launched an aggressive crackdown on those challenging the election outcome. Further, human rights organizations say this surge in repression is unprecedented in recent decades.

Further, Maduro has jailed protesters and restricted Internet access through the state-controlled communications company, CANTV. Last week, he signed a decree blocking access to social media platform X for 10 days.

This action followed his earlier claims that social media was used to incite violence after the presidential election. Other blocked sites include communication tools like Signal and e-commerce platforms such as MercadoLibre.

Binance Block in Venezuela Poses Challenges for Dollar-Strapped Citizens

This ban will affect many locals as Binance is seen as a crucial economic lifeline for Venezuelans. Due to the local currency’s severe devaluation, there is a desperate yearning for dollars in the country. The exchange has filled this gap, facilitating bolivar conversion for stablecoins and Bitcoin. This peer-to-peer trading activity on Binance has surpassed crypto speculation, making it a cornerstone of Venezuela’s unofficial economy.

The exchange itself confirmed on Aug. 10 that its website has been blocked in Venezuela. It also acknowledged that local restrictions affect other companies and social media platforms.

“We want to assure you that your funds are SAFU under our robust security protocols,” Binance said.

“We are monitoring the situation closely to address it in the best and quickest way possible.”

The blockade’s duration and its impact on private internet providers is uncertain. Venezuelan users, accessing X through VPNs, have voiced their concerns about the situation.