Venezuela Imposes Ban on Binance Operations
On August 9, Binance, one of the largest cryptocurrency exchanges, faced an operational ban in Venezuela. This ban was a result of the ongoing presidential disputes in the country. Over the past few weeks, Venezuela has also banned several other prominent platforms, including the one founded by Elon Musk.
The ban on Binance was announced by the Venezuelan government, and it came into effect on Friday. The anti-censorship organization, “VE sin Filtro,” reported the ban on August 10.
Venezuela has been dealing with citizen protests and political disarray ever since the presidential elections on July 28. According to a report by Reuters, the nation’s election authority declared Nicolas Maduro as the winner with 51% of the votes. However, the opposition leader, Edmundo Gonzalez, claimed that he had actually won with 70% of the votes.
This dispute led to court cases and censorship by President Maduro. “VE sin Filtro” also detected DNS blocking, which affected the normal operation of its website and mobile application.
Despite these challenges, the citizens of Venezuela have shown significant interest in Binance and other cryptocurrency exchanges in the past week.
In May, the Venezuelan government announced the detachment of cryptocurrency mining firms from its power grid due to increased energy consumption. During the ban on Binance, the government confiscated around 2000 mining firms located in different areas.
How Is Binance Responding to the Ban in Venezuela?
Binance’s Latin American team addressed its users in Venezuela, assuring them of the safety of their funds. The company acknowledged that it, along with other websites in the country, faced restrictions due to the ten-day ban.
This ban was implemented after an online dispute between Elon Musk and Nicolas Maduro.
In its announcement, Binance stated:
“We are currently facing restrictions in Venezuela, and our website and services may not be accessible. However, we want to reassure our users that their funds are safe and secure.”
In addition to the ban in Venezuela, Binance’s Indian platform has also faced challenges. The Indian government demanded $86 million in fees from Binance, citing GST charges.
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