- Binance has reported access restrictions in Venezuela.
- The development comes amid a wider internet crackdown in the country.
- The digital suppression led to Elon Muskโs X suspension for ten days.
Binance, the worldโs largest crypto exchange by trade volume, has become a victim of an ongoing internet crackdown in Venezuela.
The reported digital suppression by Venezuelaโs government spiked during and after the countryโs 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, Binanceโs 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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โLike several websites of companies from different segments in Venezuela, including social networks, Binance pages have been facing access restrictions,โ the post read. โWe want to assure you that your funds are SAFU under our robust security protocols.โ
The development comes as Venezuelans increasingly depend on crypto, thanks to the countryโs 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 Venezuelaโs 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 Venezuelaโs crypto scene, advised users to explore alternative local exchanges or switch to self-custody to avoid interruptions by exchange outages.
Meanwhile, Venezuelaโs contested President Nicolas Maduro reportedly signed a resolution to restrict access to Elon Muskโs X platform for ten days.
Read about Binanceโs latest regulatory woe in India:
India Fines Binance for Unpaid Goods and Services Tax Totaling $86M
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