Venezuela Restricts Access to Binance

The Venezuelan authorities have decided to restrict their citizens’ access to Binance, the world’s largest cryptocurrency exchange. These measures were taken in response to opposition protests disagreeing with the results of recent presidential elections.

Representatives of the Venezuelan organization VE sin Filtro discovered a DNS block, which led to the disruption of normal functioning of both the Binance website and its mobile application. The organization recommended local users to use services to bypass the blockade.

Binance’s Response

Binance representatives confirmed the fact of restricted access to their platform. They assured users that all funds are safe and stated that they are closely monitoring the situation for its quickest resolution.

Binance’s P2P service plays an important role for Venezuelan residents, allowing them to directly exchange cash for cryptocurrency. This is especially relevant in conditions of hyperinflation, when citizens seek to preserve their savings.

Additional Restrictions

In addition to Binance, the Venezuelan government also ordered to ban access to the social network X (formerly known as Twitter) for at least ten days.

It’s worth noting that Binance faces difficulties not only in Venezuela. Recently, the company encountered tax problems in India, where fiscal authorities discovered a budget payment debt of 722 crore rupees (about $86 million).