Binance in Venezuela Faces New Internet Restrictions Amid Political Unrest

Key Points:

• Users face blocked access to Binance in Venezuela and other online services due to government-imposed internet restrictions.
• Venezuelans who depend more and more on cryptocurrencies to get through dire economic times and hyperinflation are impacted by the crackdown.
• The restrictions follow a recent order from President Nicolás Maduro to ban social media platform X.

Venezuelan users are now reporting restricted access to Binance, the world’s largest cryptocurrency exchange by trading volume, after the government extended its internet crackdown.

Read more: Binance Customer Funds Gets Court Approval for Investment in US Treasury Bills

Binance in Venezuela Is Blocked Amid Internet Crackdown

On August 9, the local anti-censorship group VE sin Filtro reported that the website and mobile app of Binance in Venezuela were affected by a DNS block. The move is part of a larger series of internet restrictions exacted by the National Commission of Telecom in the country.

Prior to that, restrictions had been placed on social platforms such as Mercado Libre, Signal, Reddit, Facebook, and X (formerly Twitter), which have a large number of users.

Venezuelan Internet Restrictions Intensify Following Social Media Ban

Venezuelan users are using social networks to participate in crypto for a solution against the country’s worst economic crisis. Cryptocurrencies have now turned into a way to save asset value amid the rapid hyperinflation and ongoing economic instability in Venezuela.

The block of Binance in Venezuela comes in tandem with a recent order by Venezuelan President Nicolás Maduro for the national telecommunications regulator, Conatel, to implement a ten-day suspension of the social media platform X just 2 weeks ago. This is supposedly linked to the ongoing conflict between President Maduro and X owner Elon Musk.