Binance’s Faces Web Access Ban In Venezuela, Following Ban On X (Twitter)

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The Venezuelan government has restricted access to several online platforms, including Binance and the social media platform X. These measures were implemented amidst the ongoing controversy around the recent presidential election. 

On 9th August, local organization VE sin Filtro reported that a DNS block was detected on Binance, which disrupted the functionality of its website and mobile app. Binance with a significant user base in Venezuela for its p2p service, ensured its users that their funds remain secure and it is monitoring the situation closely. 

According to an official statement released by X, the company confirmed that it is encountering difficulties in providing access to its web platform for users in Venezuela. Users are turning to VPN to bypass the government’s blockades.

Tensions Escalate Between Musk And Maduro

President Nicolas Maduro announced that the telecommunication regulator Conatel would ban access to X for ten days. Following a disputed presidential election last month, tensions escalated. Musk labeled Maduro a “dictator” and a “clown,” while Maduro accused Musk of inciting “hatred, fascism, and civil war.”This followed, a public argument between Maduro and Musk where both parties exchanged challenges. 

These restrictions on online platforms came at a time when there were widespread protests triggered by the disputed results of the 28 July presidential election. Both Maduro and his opponent, Edmundo González, have claimed victory. However, the government-controlled electoral authority declared Maduro the winner, sparking controversy as detailed vote counts were not released. 

Venezuela’s Increased Use Of Cryptocurrencies

The United States, the European Union, the United Kingdom and multiple South American countries have not recognized Maduro’s claim to the presidency, and many have asked for detailed vote counts.

Notably, the restrictions come as Venezuelans are increasingly dependent on digital currencies to steer through the country’s ongoing economic crisis. There has been a surge in the use of cryptocurrencies in recent years in Venezuela, where people seek to preserve their assets’ value to combat hyperinflation.