• Binance faced an operational ban in Venezuela on August 9. 

  • The nation’s government also banned X for ten days according to the President’s statement.

One of the largest cryptocurrency exchanges, Binance was banned in Venezuela due to the presidential disputes. In the past few weeks, the nation has banned several prominent platforms including Elon Musk founded X. The Binance ban occurred on Friday, following which the anti-censorship organization, “VE sin Filtro” reported it on August 10. 

Notably, the Venezuelan government has been battling citizen protests and political disarray since its July 28 presidential elections. According to Reuters’ report, the nation’s election authority stated the running president, Nicolas Maduro had won re-election with 51% votes. However, the opposition leader Edmundo Gonzalez claimed to have won the election with 70% of the votes. 

Moreover, this resulted in court cases and censorships by the President. Additionally, Ve sin Filtro reported detecting a DNS blocking which “affects the normal operation of its website and mobile application.” On the other hand, the South American nation’s citizens have shown huge interest in the crypto exchange over the past week. 

Previously, in May, the nation announced detaching cryptocurrency mining firms from its power grid due to increased energy consumption. During the ban, the government confiscated nearly 2000 mining firms in different locations. 

How Is Binance Dealing With the Venezuela Ban? 

Presently, Binance’s Latin American team addressed its users on X assuring them of funds safety. Moreover, the announcement stated that the Binance firm, similar to other websites in the nation, faced restrictions. Notably, the ten-day X ban occurred after Elon Musk and Nicolas Maduro had an online dispute.

Binance stated in its X announcement: 

“We understand the inconvenience and concern this situation may cause. We are monitoring the situation closely to address it in the best and quickest way possible.”

Furthermore, the cryptocurrency firm’s Indian platform incurred fees for GST in the past week. The Indian government demanded from Binance 722 crore INR worth $86 million in fees. 

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