Why Venezuela Banned Binance, Twitter, Signal
- Venezuela blocks major platforms from the Internet.
- Binance assures users that funds are safe.
- Political turmoil rocks the country.
The Venezuelan government has escalated its efforts to control information flow during political unrest. The recent election, criticized by the opposition parties and civil rights groups, has escalated political violence within the country.
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Recently, Venezuela took steps to prevent citizens from accessing popular social media apps, such as Twitter and Signal messaging. However, the government also restricted the crypto exchange Binance, which is popular in the country.
Venezuela Blocks Access to Online Platforms
The political strife in Venezuela placed a major crypto exchange in the crosshairs of its government. On Friday, August 9, Binance users in Venezuela could not access the site exchange via its website. Soon after, reports emerged that Binance and X (formerly Twitter) and encrypted messaging app Signal were DNS blocked country-wide.
🚨 Bloqueado Binance en CANTV 🚨
— VE sin Filtro (@vesinfiltro) August 10, 2024
Esta noche detectamos un bloqueo DNS al exchange de criptomonedas @Binance , el cual afecta el normal funcionamiento de su web y su aplicación móvil.
El bloqueo fue detectado por primera vez a las 8:15 PM de hoy #9Ago pic.twitter.com/aivmVT2VNi
These actions followed a contentious presidential election on July 28, where President Nicolás Maduro and his opponent, Edmundo González, claimed victory. Maduro’s government, which controls the electoral authority, declared him the winner with just over 51% of the vote.
The blocking of X and Binance followed the growing unrest in the country. Following the election, protests erupted across Venezuela, with many questioning the legitimacy of the results. In response to these protests, Maduro ordered the telecommunications regulator Conatel to enforce a 10-day ban on X, citing concerns over the spread of violence.
While it is unclear why Binance was also targeted, its services were vital for Venezuelans to weather the economic crisis in the country.
Why Binance is Key for Venezuelans
The political strife in Venezuela follows decades of political and economic instability. Due to the economic instability, especially a weak currency, Venezuelans began relying heavily on crypto. Binance, in particular, became very popular due to its peer-to-peer (P2P) service.
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Binance’s P2P allows users to trade their devalued national currency bolívar for more stable cryptocurrencies like Bitcoin. This service was critical for Venezuelans to preserve their wealth amid the ongoing economic crisis.
Estimados Binancians,
— Binance Latinoamérica (@BinanceLATAM) August 10, 2024
Al igual que varios sitios web de empresas de diferentes segmentos en Venezuela, incluidas las redes sociales, las páginas de Binance han estado enfrentando restricciones de acceso.
Queremos asegurarles que sus fondos están SAFU bajo nuestros robustos…
In response to the DNS block, Binance has reassured its Venezuelan users that their funds are secure. However, it is currently unclear what the long-term effects of this move will be and how long it be in effect.
On the Flipside
- This decision to block Twitter came shortly after a public spat between Maduro and Twitter’s owner, Elon Musk. Musk called Maduro a dictator and offered to send him to Mars.
- Crypto plays an important role in the remittances that Venezuelans send to their relatives abroad. According to Bloomberg, crypto transfers made up 9% of these funds in 2023.
Why This Matters
For Venezuelans, the block on Binance, X, and Signal represents a significant threat to their financial independence and ability to communicate freely.
Read more about Solana validator earnings:
Solana Validators See Record Tips, as Secret Fees Plague Network Users
Read more about Venezuela’s crypto policies:
Venezuela Pulls Plug on Crypto Mining to Prevent Grid Overload
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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