Binance has confirmed that the Venezuelan government has restricted access to its website amid unrest following the disputed outcome of the presidential election.
In an August 10 post on X, Binance stated:
“Like several websites of companies from different segments in Venezuela, including social networks, Binance pages also faced access restrictions.”
The exchange assured users that their funds were safe and that the situation was being closely monitored.
Binance, the world’s largest crypto exchange by trading volume, plays a crucial role in Venezuela. Binance reportedly serves as the primary platform for peer-to-peer transactions in stablecoins such as USDT and Bitcoin for many Venezuelans due to the sharp devaluation of the country’s currency, the Bolivar.
Local group VE sin Filtro advised Venezuelans to use a virtual private network (VPN) to bypass the blockade of the crypto platform.
Meanwhile, several Venezuelans have asked whether using such tools would not have a negative impact on their account at the crypto exchange. Jose Antonio Lanz, a journalist at Decrypt, wrote:
“Do you have no objection to Venezuelans using VPNs and other means that Binance considers suspicious for users in the rest of the world, or do you apply, on an equal footing, the same policies that you have used with respect to other countries that impose restrictions?”
Binance has not yet responded CryptoSlates Request for further comments by editorial deadline
X affected
President Nicolás Maduro also reportedly imposed a 10-day ban on social media platform X.
Maduro accused the owner of the social media platform, Elon Musk, of “inciting hatred and fascism” and signed a resolution by the telecommunications regulator Conatel to take the platform off the market.
This move followed the declaration by electoral authorities that Maduro had won the July 28 elections. However, the opposition refuted this declaration by publishing a website saying that its candidate, Edmundo González, had won.
In particular, the US rejected the election results that declared Maduro the winner, citing:
“It is clear to the United States and especially to the Venezuelan people that Edmundo González Urrutia won the majority of votes in Venezuela’s presidential election on July 28.”
