Venezuela recently blocked access to popular cryptocurrency exchange Binance and other online platforms amid widespread nationwide protests over the results of the country’s presidential election. The ban was implemented on August 9, according to cybersecurity group VE Sin Filtro.
This comes as protesters took to the streets in Venezuela because of the election. Last week, incumbent President Nicolás Maduro declared him the winner with 51% of the vote. His opponent, Edmundo González Urrutia, received 44%.
Maduro faces accusations from the opposition of electoral fraud, which has led to a political crisis in the country. Politicians from neighboring countries and around the world questioned the legitimacy of the results. They are also demanding that Maduro provide evidence of his victory.
As a result, the Venezuelan government has cracked down on those who challenge the election results.
Moreover, Maduro has imprisoned protesters and restricted internet access through the state-controlled telecommunications company. Last week, he signed a decree banning access to social media platform X for 10 days.
The action followed his earlier allegations that social media was used to incite violence after the presidential election. Other blocked sites include social media platforms like ‘Signal’ and e-commerce platforms like ‘MercadoLibre’.
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Binance ban in Venezuela poses challenges for cash-strapped citizens in dollar terms
This ban will affect many locals as Binance is seen as a critical economic lifeline for Venezuelans. As the local currency depreciates sharply, citizens turn to other things to hedge and preserve their savings. Meanwhile, peer-to-peer trading activity on Binance has gone beyond cryptocurrency speculation, as individuals convert local currency into stablecoins, making it the cornerstone of the informal economy in Venezuela.
The exchange itself confirmed on August 10 that its website had been blocked in Venezuela. It also acknowledged that local restrictions affect other businesses and social media platforms.
