- Binance has reported access restrictions in Venezuela.
- The development comes amid a wider internet crackdown in the country.
- The digital suppression led to Elon Musk’s X suspension for ten days.
Binance, the world’s largest crypto exchange by trade volume, has become a victim of an ongoing internet crackdown in Venezuela.
The reported digital suppression by Venezuela’s government spiked during and after the country’s July 28 presidential elections, which many, including Elon Musk, claimed was marred with manipulation and fraud.
Binance Web Pages Restricted
In an official statement on X, Binance’s division of Latin America confirmed the blockade news, noting that it was monitoring the situation to address it as quickly as possible.
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“Like several websites of companies from different segments in Venezuela, including social networks, Binance pages have been facing access restrictions,” the post read. “We want to assure you that your funds are SAFU under our robust security protocols.”
The development comes as Venezuelans increasingly depend on crypto, thanks to the country’s long-standing economic crisis, which saw the bolivar depreciate by a third compared with the U.S. dollar last year.
In addition to facilitating domestic uses, crypto plays an integral role in Venezuela’s cross-border transactions. Bloomberg estimated that 9% of the $5 billion sent by Venezuelan migrants back to the country in 2023 was in digital assets.
The restrictions have led Venezuelans to resort to virtual private network (VPN) services to maintain access to Binance via web pages. Ernesto Contreras, a prominent figure in Venezuela’s crypto scene, advised users to explore alternative local exchanges or switch to self-custody to avoid interruptions by exchange outages.
Meanwhile, Venezuela’s contested President Nicolas Maduro reportedly signed a resolution to restrict access to Elon Musk’s X platform for ten days.
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