NAIROBI (CoinChapter.com)—Venezuelan censorship intensified after the disputed presidential election on July 28, which saw Nicolás Maduro re-elected without substantial evidence. This triggered nationwide protests and led authorities to block access to several websites, including the global crypto exchange Binance.
The block was first detected on Aug. 9 by VE Sin Filtro, a Venezuelan cybersecurity organization, and has since raised concerns about its impact on the local economy and currency stability.
The blockade extends beyond Binance, affecting social media platforms like X, encrypted communication tools like Signal, and e-commerce platforms such as MercadoLibre.
Venezuela’s peer-to-peer exchange operations heavily rely on Binance due to the bolivar’s devaluation and the demand for dollar access. This reliance on Binance underscores the gravity of the situation for Venezuelans seeking financial stability.
Binance Faces Restrictions in Venezuela
The Venezuelan public relied heavily on Binance, not just for cryptocurrency trading but also for converting their devalued bolivars into stablecoins and Bitcoin. This reliance stems from the bolivar’s severe devaluation, which pushed citizens to seek refuge in more stable currencies.
The government’s decision to block Binance is particularly impactful, as it cuts off a vital financial lifeline for many Venezuelans. The block was first detected on Aug. 9, coinciding with other platform restrictions like X and Signal.
Binance responded to Venezuelan Censorship by assuring users that their funds remain secure under the exchange’s robust security protocols.
In an official statement shared on their X account, Binance acknowledged the access restrictions and pledged to monitor the situation closely to mitigate the impact on its users.
However, the duration of the block remains uncertain. Whether private Internet providers will enforce the ban also hangs in the balance. Meanwhile, Venezuelans have turned to VPNs to access these blocked platforms.
Users React to Binance Ban in Venezuela
Venezuelan users voiced frustration over the Binance ban, questioning the government’s motives. One user wondered why Maduro targeted Binance, according to a Google translation. Others sought advice on how to access their Binance accounts, with many suggesting using a VPN to bypass restrictions.
Users urged Binance to offer “alternative solutions” to address the restrictions. One user stated that Binance should operate differently from traditional banks and focus on safeguarding value within the cryptosystem.
Crypto YouTuber @JohnN5c expressed concern that the country is moving toward policies that allow state harassment and theft as Maduro blocks access to Binance and other websites.
