Venezuelan users now face restricted access to Binance, the world’s largest crypto exchange based on trading volume, as the government extends its internet crackdown.
This development raises concerns within the local crypto community.
Venezuelan Crypto Users Navigate Binance Blockade with VPNs
According to an official statement released by X, the company confirmed that it is experiencing difficulties in providing access to its web platform for Venezuelan users.
“Like several websites of companies from different segments in Venezuela, including social networks, Binance pages have been facing access restrictions,” the statement read.
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Binance Is Currently Unavailable for Venezuelan Users. Source: Binance
Despite the unsettling situation, Binance reassured its users that their funds are safe. Furthermore, the company is working diligently to resolve the issue.
This development has led users to adopt virtual provider network (VPN) services to maintain access. However, based on BeInCrypto’s finding, the restriction currently affects only the web platform, with the mobile app still operational.
Ernesto Contreras, former Head of Business Development at Dash Core Group and a prominent figure in Venezuela’s crypto space, advised users not to panic. He suggested they use VPNs with non-US locations.
“Also, if you are an expert, it is time to start self-custody! Download your wallet and try to store your funds yourself (Make sure to protect your seed phrase) […] Take advantage of learning, and everything will be fine!” Contreras added.
The restrictions come as Venezuelans are increasingly dependent on digital currencies to navigate the country’s ongoing economic crisis. The use of cryptocurrency in Venezuela has surged in recent years, providing a lifeline for those seeking to preserve the value of their assets in the face of hyperinflation and economic uncertainty.
This development follows the recent ban on X (Twitter) due to a public spat between Venezuelan President Nicolás Maduro and X owner Elon Musk.
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Following a disputed presidential election last month, tensions escalated. Musk labeled Maduro a “dictator” and a “clown,” while Maduro accused Musk of inciting “hatred, fascism, and civil war.”
In response, Maduro signed a decree ordering the Venezuelan telecommunications regulator, Conatel, to block X for ten days, allowing the platform time to respond.