Binance made a big noise over the weekend! It was suddenly "blocked" by a government and cut off access to the P2P market!
Binance, the world's largest crypto exchange, made a big noise over the weekend, and the Venezuelan government cut off access to Binance users connected through the state-owned Internet Service Provider (ISP). CANTV has begun blocking traffic to Binance, and the exchange acknowledged the situation and said that the page also encountered access restrictions.
Binance is one of the world's leading exchanges, but its influence in Venezuela is greater than just cryptocurrency speculation or trading. Most peer-to-peer (P2P) trading operations take place there. The local currency of Venezuela, the Bolivar, has depreciated sharply, which has made this market hungry for dollars. For years, stablecoins and Bitcoin have served Venezuelans, who use Binance as their main trading platform.
As a state-owned ISP provider, CANTV controls a large part of Venezuela's broadband market, leaving thousands of Venezuelans unable to access their savings or even P2P markets, which are popular among those who use cryptocurrencies as a savings tool.
Currently, the Venezuelan government's censorship actions have spread to the cryptocurrency field.
According to local media reports, CANTV has blocked access to Binance. The measure, which could affect thousands of people, is part of a series of blocking measures imposed on other services, with similar actions also taken against Mercado Libre, Signal, Reddit and other similar services.
However, the action against Twitter is wider and more extensive because it also involves other major ISPs in the country.
Binance acknowledged the situation and said in an email to Venezuelan customers: "Like multiple company websites in different fields in Venezuela, including social networks, the Binance page is also facing access restrictions."
"We want to assure you that your funds are safe under our strong security protocols," the exchange concluded.
