Venezuela Blocks Access to Binance Amid Massive Inflation and Civil Unrest
Access to Binance has been blocked in Venezuela amid civil unrest and massive inflation following the South American country’s controversial presidential election last month.
Binance, the top global crypto exchange by volume, took to the social media platform X on Saturday to assure Venezuelan customers that their funds are safe.
“Like several websites of companies from different segments in Venezuela, including social networks, Binance pages have been facing access restrictions.
We want to assure you that your funds are SAFU (secure asset funds for users) under our robust security protocols.
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.”
VE sin Filtro, a non-governmental organization (NGO), first reported a DNS block on Binance on Friday.
Civil unrest has swept through Venezuela since the National Electoral Council declared Nicolás Maduro, the country’s authoritarian president, the winner of the July election.
The White House has cast doubt on the results, with National Security Council (NSC) Spokesperson Adrienne Watson saying there are “clear signs” that the election results don’t reflect the will of the Venezuelan people.
“We continue to call for Venezuela’s electoral authorities to release full, transparent, and detailed voting results, including by polling station.”
On top of civil unrest, Venezuela is also witnessing massive inflation rates. According to the German data-gathering platform Statista, the country is projected to experience 150% inflation next year.
In comparison, US inflation is hovering at around 3%.
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