Binance Facing Limited Access in Venezuela Amid Election Turmoil
Binance says that its platform is "facing access restrictions" in Venezuela amid reports that the government has blocked a variety of web services including Twitter amid disputed presidential election results.
What’s the scoop?
- DNS Blocking: Local anti-censorship group VE sin Filtro reported on Aug. 9 that a DNS block was detected on Binance, affecting the website and mobile application, as well as other websites.
- Venezuelan President's Directive: On Aug. 8, President Nicolas Maduro ordered the telecom regulator Conatel to ban access to Twitter for 10 days following a public argument with Elon Musk.
- Platform Response: Binance assured users their funds are safe and urged using a VPN to bypass the block. The exchange’s peer-to-peer service remains vital for Venezuelans avoiding the bolívar.
Bankless Take:
Instances like this serve as reminders that crypto is, at its base, freedom technology. Venezuela’s latest censorship of Binance mimics that of Nigeria’s, which also banned the exchange over calls of it “destabilizing the Naira” — in other words, providing a path to savings and circumventing a corrupt, inflationary currency. As Maduro tightens his grip, the move could further erode trust in centralized services and push more Venezuelans towards decentralized solutions. Ironically, the government also is a fan of using crypto technologies to its own benefit, with their state-sponsored oil firm reportedly ramping up its use of USDT to bypass U.S. sanctions.
VENEZUELA REPORTEDLY BLOCKS ACCESS TO BINANCE AND X: WHAT WE KNOW
— BSCN (@BSCNews) August 12, 2024
- Venezuela reportedly blocked access to crypto exchange Binance and social media platform X.
KEY POINTS:
- The state-owned ISP CANTV is leading the blockade, affecting thousands of Venezuelans who rely on… https://t.co/v9zE7gyrHf pic.twitter.com/b4F9nuwZKF