Venezuelans turn to VPNs as government restricts Binance access Venezuelans turn to VPNs as government restricts Binance access
Venezuela's president Nicolás Maduro also imposed a 10-day ban on the social media platform X.
2 min read
Updated: Aug. 12, 2024 at 10:22 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance has confirmed that the Venezuelan government has restricted access to its website amid turmoil following controversial presidential election results.
In an Aug. 10 post on X, Binance stated:
“Like several websites of companies from different segments in Venezuela, including social networks, Binance pages have been facing access restrictions.”
The exchange reassured users that their funds remained secure and that the situation was being closely monitored.
Binance, the largest crypto exchange by trading volume globally, plays a crucial role in Venezuela. Reports revealed that Binance serves as the primary platform for many Venezuelans engaging in peer-to-peer transactions of stablecoins like USDT and Bitcoin due to the severe devaluation of its local currency, the bolivar.
Local group VE sin Filtro advised Venezuelans to use a virtual private network (VPN) to bypass the crypto platform’s blockade.
Meanwhile, several Venezuelans have questioned if using such tools would not negatively impact their account on the crypto exchange. Jose Antonio Lanz, a journalist with Decrypt, wrote:
“Do you not mind Venezuelans using VPNs and other means that Binance considers suspicious for users in the rest of the world or do you apply on an equal footing the same policies you have used with respect to other countries that establish restrictions?”
Binance has yet to respond to CryptoSlate’s request for additional commentary as of press time
X impacted
President Nicolás Maduro also reportedly imposed a 10-day ban on the social media platform X.
Maduro accused the social media platform owner Elon Musk of “inciting hate and fascism” and signed a resolution from telecommunications regulator Conatel to remove the platform from circulation.
This move followed the election authorities’ declaration that Maduro won the July 28 election. However, the opposition fought back against this announcement by publishing a website showing that their candidate, Edmundo González, had won.
Notably, the US rejected the election results that declared Maduro the winner, saying:
“It is clear to the United States and, most importantly, to the Venezuelan people that Edmundo González Urrutia won the most votes in Venezuela’s July 28 presidential election.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Tether
$0.99990
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
X
X (formerly Twitter) is an American social media company based in San Francisco, California, that was founded by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and was launched July of the same year.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.
